EBay announces financial results

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EBay announced this week third quarter revenue of $2.12 billion, up $228 million from the same period last year.

The online auction company reported a net income of $492 million, or $0.38 per share.

However, the company said gross merchandise volume slipped by 1% during the quarter.

EBay took a loss during last year's third quarter primarily due to a $1.4 billion write-off of Internet telephony provider Skype, which it acquired in 2005.

“Overall, we are pleased with the performance of the portfolio this past quarter,” said eBay Inc. president and CEO John Donahoe, in a written statement. “We took a number of steps during the quarter to further strengthen our business and better align our cost structure to invest and compete. We will continue to stay focused on connecting consumers on our various ecommerce platforms, maintaining financial discipline and capitalizing on new opportunities for growth.”

For the fourth quarter, eBay predicted earnings of 39 cents to 41 cents a share, with revenue expected to come in between $2.02 billion and $2.17 billion.

EBay subsidiary PayPal saw revenue increase 27%, to $597 million for the quarter.

EBay has made changes to its core business platform in recent months, including lowering the seller fee for listing an item in the “buy it now” format, a feature for those customers who want to buy items right away and don't want to use an auction format.

The company also announced it would not accept paper payment methods, except in certain cases, as of November.

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