Wednesday, January 26, 2000

EBay earnings exceed expectations




The Associated Press

        Online auction house eBay Inc. topped Wall Street's estimates Tuesday, posting higher-than-expected fourth-quarter earnings reaped from record numbers of registered users and auctions.

        For the quarter ended Dec. 31, eBay reported net income of $4.9 million, or 4 cents a share, compared with $2.6 million, or 3 cents a share, in the year-ago period.

        Analysts surveyed by First Call/Thomson Financial had estimated earnings of 2 cents a share.

        “These were solid earnings, top to bottom,” U.S. Bancorp Piper Jaffray analyst Gregory Konezny said.

        The company took charges during the fourth quarter for stock-based compensation and acquired intangibles. Excluding those, eBay earned $6.1 million for the quarter.

        EBay makes money by charging auctioneers for listings and taking a percentage of each sale.

        Last year, eBay's registered users increased to 10 million, an increase of 359 percent from 1998. The total value of goods traded on eBay during the fourth quarter of 1999 reached $901 million, almost three times the $307 million reported in the year-ago period.

       



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