Monday, January 29, 2007

A Rise in EBay’s Profit

EBay Inc's quarterly net profit rose 24 percent, aided by strength in its core auction business and international growth, and the company said 2007 earnings would be at the high end of analysts' forecasts. Shares surged 7.3 percent to US$32.20 in extended trade following the results, adding to a 4.8 percent rise in regular-session trading ahead of the report, when it was buoyed by a surge in Internet stocks and the broader US market. 
The company reported on Wednesday a rise in net income for the fourth quarter to US$346.5 million (£176 million), or 25 cents a share, from the year-earlier quarter's net income of US$279.2 million, or 20 cents a diluted share. 
Wall Street was looking for a fourth-quarter net profit, on average, of 22 cents per share, according to Reuters Estimates.
EBay said it expected first-quarter net revenue of US$1.67 billion to US$1.72 billion, squarely in the middle of current estimates. Analysts forecasts ranged from US$1.65 billion to US$1.75 billion for the quarter, according to Reuters Estimates. 
The company expects first-quarter diluted earnings per share, excluding one-time items, in a range of 28 cents to 30 cents. For the 2007 year, eBay said it expected revenue from US$7.05 billion to US$7.30 billion.

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