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EBay recorded $11.7 billion in net revenue for 2011, a 27% increase compared with the prior year. The company's net income for the year also spiked, jumping 79% year-over-year to $3.2 billion.
PayPal will begin to roll out a mobile deals service in the "next few weeks," said PayPal spokesman Anuj Nayar on Dec. 14. The eBay-owned company is partnering with approximately 200 U.S. merchants for the service, which be will opt-in only, he said.
EBay's third-quarter revenue increased 32% to $3 billion versus 2010, the company reported. It also reported Q3 net income of $490.5 million, a 14% year-over-year bump.
EBay's second-quarter revenue increased 25% to $2.8 billion, compared with the second quarter of 2010. The San Jose, Calif.-based company's net income decreased 31% year-over-year to $283.4 million.
EBay has agreed to acquire mobile payments service provider Zong for approximately $240 million in cash. The online marketplace will use Zong's technology in conjunction with PayPal to give consumers flexible and secure mobile payment options, eBay said in a statement.
PayPal filed a civil suit against Google and two Google executives on May 26 over the latter company's newly revealed mobile payment product. The suit alleges that Google, and two former PayPal executives now working at the Mountain View, Calif.-based company, misappropriated trade secrets and breached their contracts to develop the Google Wallet mobile application.
Company of the Week
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