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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology EBay profit climbs on PayPal popularity AFP - Thursday, July 22 Send IM Story Print EBay profit climbs on PayPal popularity Slideshow: Full Photo Coverage: Internet Portals & Search Engines SAN FRANCISCO (AFP) - – Online auction star eBay said Wednesday its recent quarter profits soared with a boost from its Internet financial transactions platform PayPal. EBay reported net income of 412.2 million dollars, or 31 cents per share, with PayPal delivering a record-high performance in the quarter ending June 30. The company's profit in the same quarter in 2009 was 25 cents per share. "Our eBay turnaround remains on track, with strong performance in Europe, significant changes in the US and continued improvements to the buying and selling experience," eBay chief executive John Donahoe said in a statement. "PayPal is strong and getting stronger, building a robust and innovative global footprint serving all of e-commerce." Revenue was 2.2 billion dollars, a six percent rise from the same quarter a year earlier, according to eBay, which is based in the northern California city of San Jose. The company estimated its profit this fiscal year will range from 1.23 dollars to 1.28 dollars per share on revenue of 8.8 to 9.0 billion dollars. The engines behind eBay's earnings in the latest quarter were PayPal and a "Bill Me Later" service that extends credit to people buying things online. Approximately three million new PayPal accounts were opened in the fiscal quarter and Bill Me Later revenue leapt 25 percent, according to eBay executives. "PayPal is strong and has great potential and momentum, and eBay continues to make progress," Donahoe said in an earnings conference call with analysts and media. "We still have work to do in the United States, our toughest and most competitive market." A strengthening US dollar relative to the euro was expected to hurt eBay, which got nearly 60 percent of its revenue from outside the United States. "I'm not satisfied with where we are at in (the second quarter) but at least we are on the right path," Donahoe said. The price of eBay stock rose more than 3.0 percent to 20.89 dollars per share in after hours trading following the release of the earnings results. Recommend Send IM Story Print Related Articles US-TECH Summary Reuters - 2 hours 23 minutes ago IBM launches faster and more cost-efficient mainframe Reuters - Thursday, July 22 US state attorneys press Google in Street View probe AFP - Thursday, July 22 HP dabbling with Windows 7 tablet computer AFP - Thursday, July 22 EBay profit climbs on PayPal popularity AFP - Thursday, July 22 News Search Top Stories Bernanke warns of 'uncertain' economic outlook Obama signs historic finance reform bill Iraq car bomb kills 30 Eurozone risks threaten nascent recovery: IMF Bad weather may slow battle to plug Gulf well More Top Stories » Related Full Coverage Internet Portals & Search EnginesLatest development in the online world All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Parachuting donkey shocks Russian beachgoers Lindsay Lohan carted off to jail HIV gel breakthrough lifts mood at AIDS conference Apache to buy BP assets in US, Canada, Egypt Bernanke warns of 'uncertain' economic outlook More Most Viewed » Parachuting donkey shocks Russian beachgoers Reclusive top mathematician turns down prize, again Paris Hilton caught with cannabis in handbag Germany's 'Octopus oracle' keeps perfect record 3 Russian spy suspects due in US court More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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