eBay Net Revenue up 59 Percent in First Quarter

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eBay Inc. said yesterday its first quarter net revenue rose 59 percent to $245.1 million, from $154.1 million a year ago. The first quarter results were helped by record online transaction revenue of more than $213 million.


The company said net income in the quarter more than doubled to $47.6 million, or 17 cents per share, from $21.1 million, or 8 cents per share in the first quarter of 2001.


Total U.S. online transaction revenue was up 43 percent in the first quarter, to $185 million, eBay said. Net revenue from third-party advertising increased to just over $19 million, from $11.8 million a year ago. Net revenue from international operations was $53 million.


eBay, San Jose, CA, said users transacted $3.1 billion in gross merchandise sales in the first quarter, up 57 percent for the $1.98 billion transacted a year earlier. The company hosted 138 million listings, up 55 percent from 89 million in 2001. The company said it added 4.6 million new confirmed registered users in the first quarter, bringing its number of total confirmed registered users to 46.1 million, a 55 percent increase from the previous year.


The company also said its sales and marketing expenses in the first quarter totaled $73.1 million, or 30 percent of net revenue, down from 36 percent of revenue in the first quarter of 2001. It plans to increase its marketing expenditures worldwide in the second quarter, though it did not say by how much.


Net revenue for the second quarter is expected to be between $260 million and $265 million. For the full year 2002, eBay expects net revenue of nearly $1.1 billion.


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