EBay reports financial results

EBay has reported second quarter revenue of $2.20 billion, up $361 million from the same period last year. The company reported net income of $460 million for the quarter.

“This was a strong quarter and we are very pleased with the performance of the portfolio, particularly with the growth generated by PayPal,” said eBay Inc. president and CEO John Donahoe, in a statement. “We have made bold moves across the eBay marketplace to accelerate long-term growth. We remain confident in our strategies to improve the customer experience as we manage in an uncertain economic climate.”

The value of goods sold on the e-commerce company's site grew 4%, which was down four percentage points from the first quarter. Its shopping business grew 13%, down two percentage points from the previous quarter.

EBay's operating margin decreased to 24.8% for the quarter, compared to 24.9% for the same period last year. This was caused primarily by the company's faster growing, lower-margin businesses, such as PayPal and Skype, eBay said.

The company's Q2 earnings announcement was followed by a 13.8% decrease in its shares Thursday.