PayPal drives strong first quarter for EBay

EBay has reported first quarter revenue of $2.5bn (£1.49), up 16% compared with the same period a year ago. Net income was $475.9m, or $0.36 per diluted...

EBay has reported first quarter revenue of $2.5bn (£1.49), up 16% compared with the same period a year ago.

Net income was $475.9m, or $0.36 per diluted share, representing a 12% increase compared with the same period of 2010.

"In the first quarter, PayPal continued to drive strong growth globally, eBay sharply accelerated growth in the US, and we announced several acquisitions that we believe will enhance our leadership and innovation in commerce and payments. The year is off to a strong start," said John Donahoe, president and chief executive of eBay.

The company's PayPal business grew active registered accounts 16% year over year, ending the quarter with 97.7 million, adding around one million active accounts a month for the sixth consecutive quarter.

PayPal's net total payment volume grew 28% to $27.4bn in the first quarter of 2011 compared with the same period of 2010.

EBay said this growth was driven mainly by strong 38% year-over-year growth in its Merchant Services business across global markets, increased merchant adoption and greater usage by customers.

PayPal also saw solid growth in mobile payments and digital goods, with increased usage of Mobile Express Checkout, PayPal Send Money apps and the newly-launched PayPal for Digital Goods service.

EBay's Marketplaces business's gross merchandise volume, excluding vehicles, increased by 8% year over year to $14.5bn.

Worldwide, active users increased 5% year over year to 95.9 million, with growth in North America, the UK, Germany and Australia.

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