NEW YORK (AP) — EBay Inc. more than doubled its second-quarter net income thanks to higher revenue from its PayPal online payments business and its e-commerce websites. The results sent its stock up in after-hours trading.
EBay Inc. earned $692 million, or 53 cents per share, in the April-June period. That's up from $283 million, or 22 cents per share, in the same period a year earlier.
Adjusted earnings were $730 million, or 56 cents per share, in the latest quarter — a penny above analysts' expectations.
Revenue grew 23 percent to $3.4 billion from $2.76 billion. Analysts, on average, were expecting revenue of $3.36 billion, according to FactSet.
EBay said its marketplaces business, which includes its flagship website, saw the strongest growth rate since 2006.
The San Jose, Calif.-based company makes most of its money by charging merchants a fee to list items posted for sale. It also generates revenue from PayPal transaction fees. Besides its namesake online marketplace, eBay also owns StubHub, the ticket-selling website, Shopping.com and GSI Commerce, a provider of e-commerce and online marketing services.
The company is expanding PayPal beyond the Internet, offering payment services to brick-and-mortar stores and to mobile devices. Earlier this year, the company unveiled a mobile payments service for merchants called PayPal Here. It lets customers pay using credit cards, PayPal accounts or, in the U.S., personal checks using merchants' mobile phones.
For the current quarter, eBay is forecasting adjusted earnings of 53 cents to 55 cents per share. That compared with analysts' expectations of 55 cents.
EBay is expecting revenue of $3.3 billion to $3.4 billion. Analysts are predicting $3.41 billion.
PayPal ended the quarter with 113.2 million active accounts, up 13 percent from a year earlier.
EBay's stock climbed $1.90, or 4.7 percent, to $42.36 in after-hours trading. The stock had closed up $1.39, or 3.6 percent, at $40.46.