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eBay doubles Q1 profit

eBay has doubled its profit in the first quarter, as more than $5bn (£3.1bn) in merchandise passed through the online auction site. 

eBay reported $476.5m (£299m) in revenue in the quarter ended 31 March, up from $245.1m in last year's first quarter. Net income was $104.2m (£65.5m), up 119% from last year's $47.6m.

Excluding stock-based compensation expenses, amortisation of some assets, and some tax and investment costs, eBay reported pro-forma net income of $116.2m (£73m).

eBay is now "more confident than ever" about the long term potential of all of its business activities, chief executive officer Meg Whitman said.

That confidence translated into an increased earnings and revenue forecast for 2003. eBay now anticipates up to $2.05bn (£1.3bn) in revenue this year.

 


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