NEW YORK–EBay’s first-quarter net income grew 20 percent thanks to higher revenue from its PayPal business and brisk sales at its e-commerce websites. The results beat Wall Street’s expectations and investors sent the company’s stock higher in after-hours trading.
EBay Inc. said Wednesday that it earned US$570 million, or 44 cents per share, in the January-March period. That’s up from US$476 million, or 36 cents per share, a year ago. Adjusted earnings of 55 cents per share beat Wall Street’s estimates by 3 cents. Revenue grew 29 percent to US$3.28 billion from US$2.55 billion.