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eBay amends quarter results

Internet auction site eBay has revised its second quarter 2003 results downward following a judge's decision last week to uphold...

Internet auction site eBay has revised its second quarter 2003 results downward following a judge's decision last week to uphold a verdict against the company in a patent suit.

eBay said it is amending its results to reflect an operating charge of $30m (£18.7m) and related tax benefit of $12.1m (£7.5m).

The company said that its net income for the quarter ending 30 June has been revised to $91.9m (£57.2m) from $109.7m before taking the charge.

The revision comes in light of a US court's decision to uphold a multimillion-dollar jury award given to MercExchange last May.

The jury originally ordered eBay to pay MercExchange and its founder, Thomas Woolston, $35m for violating patents related to e-commerce, but the damages were cut to $29.5m earlier this month.

eBay still believes the trial court verdict was incorrect and intends to appeal against the court's judgment.

The company also said that it was sticking to its previously announced third-quarter and fourth-quarter guidance.

Scarlett Pruitt writes for IDG News Service

 

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