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July 21, 2005 -- 2:09 a.m. EDT =20
EBay's Results Allay Fears of Decline
EBay eased concerns about slowing growth by =
posting a 53% increase in second-quarter net income, on a 40% jump in =
revenue fueled by accelerating growth in the U.S.=20
full story below =20
MARKETS LAST CHANGE =20
=20
Dow Jones Industrials* 10689.15 42.59 =20
=20
Nasdaq Composite* 2188.57 15.39 =20
=20
Nikkei 225* 11786.73 -2.62 =20
=20
FTSE 100* 5215.20 13.70 =20
=20
Stoxx 50* 3101.31 -11.51 =20
=20
Source: Reuters and Dow Jones * At close=20
Note: Closing quotes are preliminary=20
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=20
(Wall Street Journal Online subscription =
required) =20
=20
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AMR, Continental Air Post Profits
AMR and Continental re****ted =
second-quarter profits and exceeded Wall Street expectations, providing =
encouragement for an industry still plagued by high fuel costs and tough =
competition.
=20
GM Re****ts Net Loss of $286 Million
GM swung to a $286 million loss, with a =
$1.2 billion loss at its North American auto operations.
=20
Greenspan Signals More Rate Increases
Greenspan said the Fed must raise rates to =
sustain solid growth and low inflation, and he warned of mortgage and =
bond-market risks.
. Economists React | Fed's re****t | =
Greenspan's testimony
=20
. Video: Greenspan addresses Congress
=20
=20
Kodak Posts Loss, Sets More Job Cuts
Kodak posted a loss, announced added =
layoffs and said it will mothball more manufacturing capacity amid a =
steep drop in film sales.
=20
J.P. Morgan's Net Income Rises
J.P. Morgan said net more than doubled but =
weak trading results and a litigation charge took a bite out of its =
earnings.=20
=20
U.K. Suspect Has Ties to Radicals
Haroon Ra****d Aswad, a British Muslim =
sought in connection with the U.K. bombings, is a close associate of a =
radical cleric on trial for solicitation of murder, according to =
investigators and court records. (Complete coverage.)
=20
Paris Defends Danone Against Pepsi
France's prime minister and other =
political leaders rallied behind Danone, as talk of an imminent bid by =
PepsiCo pushed up the French food and beverage firm's shares.=20
=20
AT&T's Profit Surges on Cost Cuts
AT&T's profit nearly tripled despite a =
sales drop, largely due to cost cuts.
=20
Qualcomm's Profit Jumps 15%
Qualcomm re****ted a 15% jump in =
third-quarter profit and raised its earnings projection for the fiscal =
year, citing demand for high-priced cellular handsets.
. Video: Qualcomm CEO Jacobs discusses =
earnings
=20
=20
=20
Amgen, Honeywell, Altria Advance
The Nasdaq hit a four-year high with =
assistance from Amgen and despite the drags of Intel and Yahoo.=20
=20
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TOP STORY EBay's Results Allay
Fears of Decline
Surging Profit and Revenue
Show Firm's Auction Model
Has Room for More Growth
By MYLENE MANGALINDAN=20
Staff Re****ter of THE WALL STREET JOURNAL
Internet auctioneer eBay Inc. eased concerns about =
slowing growth, posting a 53% increase in second-quarter profit on a 40% =
revenue jump fueled by accelerating growth in the U.S., its biggest =
market.
EBay also raised its financial targets for the rest of =
the year. The earnings and bullish forecast sent eBay shares up 14% in =
after-hours trading.
EBay, San Jose, Calif., re****ted net income of $291.6 =
million, or 21 cents a share, compared with $190.4 million, or 14 cents =
a share, a year earlier. The result topped eBay's forecast and the =
estimates of Wall Street analysts.
Revenue rose to $1.09 billion from $773.4 million, =
exceeding eBay's forecast of $1.03 billion to $1.05 billion.
The earnings were re****ted amid concerns by investors =
and analysts that eBay's biggest auction businesses are maturing. =
Through yesterday, eBay shares had tumbled 40% this year, to $34.87 in 4 =
p.m. trading on the Nasdaq Stock Market. But in after-hours trading, =
eBay shares soared to $39.42, their highest level since March.
Revenue growth at eBay accelerated for the first time =
in 2=BD years. In the first quarter, by comparison, revenue increased =
36%. Revenue from U.S. auctions jumped 28%, an improvement from 19% in =
the first quarter, marking the first time in five quarters that growth =
had accelerated.
Growth also picked up at eBay's PayPal =
payment-processing unit.
The increase "reinforces our view that [eBay's] growth =
op****tunity remains vast," wrote Goldman Sachs analyst Anthony Noto, in =
a research note. "EBay represents the best business model within the =
Internet sector." Goldman has done investment-banking work for eBay.
In an interview, EBay Chief Financial Officer Rajiv =
Dutta credited new features, revamped marketing and enhanced =
communication with sellers for the faster growth rate. He said eBay had =
subtly altered some pages on its Web site so those pages would appear =
more prominently in the results on search engines such as Google Inc. =
and Yahoo Inc. EBay also tweaked its listings in categories such as =
apparel, industrial goods and home and garden products, he said, =
contributing to more listings and higher average selling prices.
Analysts said eBay had successfully increased its =
commissions without hurting its growth. EBay said it had 440 million =
auction listings in the second quarter, in line with analysts' =
expectations.
"They are able to extract more revenue from sellers," =
said Safa Rashtchy, an analyst with Piper Jaffray.
Pacific Growth Equities analyst Derek Brown estimated =
that the company's average commission per sale increased to 7.54% this =
quarter from 7.32% last quarter.
Gross merchandise volume, or the total value of all =
successfully closed listings on eBay's trading sites, reached $10.9 =
billion.
The U.S. represented 54% of total revenue, unchanged =
from the first quarter.
In its new forecast, eBay said it expects revenue this =
year of $4.34 billion to $4.41 billion, which is more than the company's =
earlier estimate of $4.27 billion to $4.36 billion. EBay said it expects =
earnings per share of 77 cents to 78 cents, up from 71 cents to 73 =
cents. For the third quarter, eBay projected revenue of $1.05 billion to =
$1.07 billion, and earnings of 18 cents a share, exceeding earlier =
forecasts.
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<TD vAlign=3Dtop width=3D300><FONT class=3Dp12>July 21, =
2005 -- 2:09=20
a.m. EDT</FONT>=20
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<TD vAlign=3Dtop><!-- Summary article =
type=3DE-Commerce Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112127656728984700,00.html?mod=
=3DdjemEMU">EBay's=20
Results Allay Fears of Decline<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>EBay eased concerns about =
slowing growth=20
by posting a 53% increase in second-quarter net =
income,=20
on a 40% jump in revenue fueled by accelerating =
growth=20
in the =
U.S.</DIV></SPAN></TD></TR></TBODY></TABLE><A=20
class=3Dpb12 href=3D"mid://00000363/#fullstory">full =
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below</A> </TD>
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<TR>
<TD class=3Db11 =
height=3D19> MARKETS</TD>
<TD class=3DboldGreyEleven align=3Dright =
width=3D50=20
height=3D19>LAST</TD>
<TD class=3DboldGreyEleven align=3Dright =
width=3D75=20
height=3D19>CHANGE </TD></TR>
<TR>
<TD bgColor=3D#cccccc colSpan=3D3 =
height=3D1></TD></TR>
<TR bgColor=3D#e1eaf3>
<TD class=3Dp11 height=3D18> Dow Jones=20
Industrials*</TD>
<TD class=3Dp11 align=3Dright =
width=3D50>10689.15</TD>
<TD class=3DchangePos align=3Dright=20
width=3D75>42.59 </TD></TR>
<TR>
<TD bgColor=3D#cccccc colSpan=3D3 =
height=3D1></TD></TR>
<TR bgColor=3D#ffffff>
<TD class=3Dp11 height=3D18> Nasdaq =
Composite*</TD>
<TD class=3Dp11 align=3Dright =
width=3D50>2188.57</TD>
<TD class=3DchangePos align=3Dright=20
width=3D75>15.39 </TD></TR>
<TR>
<TD bgColor=3D#cccccc colSpan=3D3 =
height=3D1></TD></TR>
<TR bgColor=3D#e1eaf3>
<TD class=3Dp11 height=3D18> Nikkei =
225*</TD>
<TD class=3Dp11 align=3Dright =
width=3D50>11786.73</TD>
<TD class=3DchangeNeg align=3Dright=20
width=3D75>-2.62 </TD></TR>
<TR>
<TD bgColor=3D#cccccc colSpan=3D3 =
height=3D1></TD></TR>
<TR bgColor=3D#ffffff>
<TD class=3Dp11 height=3D18> FTSE =
100*</TD>
<TD class=3Dp11 align=3Dright =
width=3D50>5215.20</TD>
<TD class=3DchangePos align=3Dright=20
width=3D75>13.70 </TD></TR>
<TR>
<TD bgColor=3D#cccccc colSpan=3D3 =
height=3D1></TD></TR>
<TR bgColor=3D#e1eaf3>
<TD class=3Dp11 height=3D18> Stoxx =
50*</TD>
<TD class=3Dp11 align=3Dright =
width=3D50>3101.31</TD>
<TD class=3DchangeNeg align=3Dright=20
width=3D75>-11.51 </TD></TR>
<TR>
<TD bgColor=3D#666666 colSpan=3D3=20
height=3D2></TD></TR></TBODY></TABLE>
<TABLE cellSpacing=3D0 cellPadding=3D0 width=3D"100%" =
border=3D0>
<TBODY>
<TR>
<TD class=3DgreyTen colSpan=3D3>Source: Reuters =
and Dow=20
Jones</TD>
<TD class=3DgreyTen align=3Dright>* At =
close</TD></TR>
<TR>
<TD class=3DgreyTen colSpan=3D3>Note: Closing =
quotes are=20
preliminary</TD></TR>
<TR>
<TD colSpan=3D3=20
=
height=3D3></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR>=
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<TABLE cellPadding=3D5 width=3D"100%" =
bgColor=3D#fffbf0 border=3D0>
<TBODY>
<TR>
<TD class=3Db11 align=3Dmiddle><FONT =
color=3D#666666>(Wall=20
Street Journal Online subscription =
required)</FONT>=20
<TABLE cellSpacing=3D0 cellPadding=3D0 =
width=3D160 border=3D0>
<TBODY>
<TR>
<TD height=3D8><SPACER type=3D"vertical"=20
size=3D"8"></TD></TR>
<TR>
<TD bgColor=3D#666666 height=3D1><SPACER=20
type=3D"vertical" size=3D"1"></TD></TR>
<TR>
<TD height=3D14><SPACER type=3D"vertical"=20
size=3D"14"></TD></TR></TBODY></TABLE><A=20
name=3Dhome_whats_news_us>
<TABLE cellSpacing=3D0 cellPadding=3D0 =
width=3D"100%"=20
border=3D0>
<TBODY>
<TR vAlign=3Dtop>
<TD vAlign=3Dtop><!-- Summary article =
type=3DEarnings Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112144138791086881,00.html?mod=
=3DdjemEMU">AMR,=20
Continental Air Post Profits<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>AMR and Continental =
re****ted=20
second-quarter profits and exceeded Wall =
Street=20
expectations, providing encouragement for =
an=20
industry still plagued by high fuel costs =
and=20
tough competition.</DIV></SPAN><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><!-- Summary article type=3DEarnings =
Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112057539057277374,00.html?mod=
=3DdjemEMU">GM=20
Re****ts Net Loss of $286 =
Million<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>GM swung to a $286 =
million loss,=20
with a $1.2 billion loss at its North =
American=20
auto operations.</DIV></SPAN><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><!-- Summary article type=3DEconomy =
Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112186750970090802,00.html?mod=
=3DdjemEMU">Greenspan=20
Signals More Rate Increases<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>Greenspan said the Fed =
must raise=20
rates to sustain solid growth and low =
inflation,=20
and he warned of mortgage and bond-market=20
risks.</DIV><SPAN =
class=3DplnEleven>=95</SPAN> <A=20
class=3Dt14=20
=
href=3D"http://online.wsj.com/article/0,,SB112187432542290928,00.html?mod=
=3DdjemEMU">Economists=20
React</A> | <A class=3Dt14=20
=
href=3D"http://online.wsj.com/do***ents/fedre****t0705.pdf">Fed's=20
re****t</A> | <A class=3Dt14=20
=
href=3D"http://online.wsj.com/article/0,,SB112186856753990829,00.html?mod=
=3DdjemEMU">Greenspan's=20
testimony</A><SPAN=20
style=3D"FONT-SIZE: =
5px"><BR> <BR></SPAN><SPAN=20
class=3DplnEleven>=95</SPAN> <A =
class=3Dt14=20
=
href=3D"http://online.wsj.com/public/page/0,,8_0000-BDkQt6VxgIkv8V4Jn6emT=
AN9eZX3pvyE-i0AOxzdCG|M9G8ufDwwoQPt_aG|gnOax,00.html?mod=3DdjemEMU"><B>Vi=
deo:</B>=20
Greenspan addresses Congress</A><SPAN=20
style=3D"FONT-SIZE: =
5px"><BR> <BR></SPAN></SPAN><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><!-- Summary article type=3DEarnings =
Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112179788110689741,00.html?mod=
=3DdjemEMU">Kodak=20
Posts Loss, Sets More Job =
Cuts<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>Kodak posted a loss, =
announced=20
added layoffs and said it will mothball =
more=20
manufacturing capacity amid a steep drop =
in film=20
sales.</DIV></SPAN><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><!-- Summary article type=3DEarnings =
Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112084673530580893,00.html?mod=
=3DdjemEMU">J.P.=20
Morgan's Net Income Rises<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>J.P. Morgan said net more =
than=20
doubled but weak trading results and a =
litigation=20
charge took a bite out of its=20
=
earnings.</DIV></SPAN></TD></TR></TBODY></TABLE><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><A=20
name=3Dhome_whats_news_europe>
<TABLE cellSpacing=3D0 cellPadding=3D0 =
width=3D"100%"=20
border=3D0>
<TBODY>
<TR vAlign=3Dtop>
<TD vAlign=3Dtop><!-- Summary article =
type=3DTerror In London Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112189633713491388,00.html?mod=
=3DdjemEMU">U.K.=20
Suspect Has Ties to Radicals<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>Haroon Ra****d Aswad, a =
British=20
Muslim sought in connection with the U.K.=20
bombings, is a close associate of a =
radical cleric=20
on trial for solicitation of murder, =
according to=20
investigators and court records. (<A =
class=3Dt14=20
=
href=3D"http://online.wsj.com/page/0,,2_1164,00.html?mod=3DdjemEMU">Compl=
ete=20
coverage</A>.)</DIV></SPAN><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><!-- Summary article type=3DEuropean Business =
News Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112190042717991475,00.html?mod=
=3DdjemEMU">Paris=20
Defends Danone Against Pepsi<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>France's prime minister =
and other=20
political leaders rallied behind Danone, =
as talk=20
of an imminent bid by PepsiCo pushed up =
the French=20
food and beverage firm's=20
=
shares.</DIV></SPAN></TD></TR></TBODY></TABLE><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><A=20
name=3Dtechnology_main_whats_news>
<TABLE cellSpacing=3D0 cellPadding=3D0 =
width=3D"100%"=20
border=3D0>
<TBODY>
<TR vAlign=3Dtop>
<TD vAlign=3Dtop><!-- Summary article =
type=3DEarnings Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112144072165786864,00.html?mod=
=3DdjemEMU">AT&T's=20
Profit Surges on Cost Cuts<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>AT&T's profit nearly =
tripled=20
despite a sales drop, largely due to cost=20
cuts.</DIV></SPAN><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><!-- Summary article type=3DEarnings =
Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112189633139491386,00.html?mod=
=3DdjemEMU">Qualcomm's=20
Profit Jumps 15%<BR></A><SPAN =
class=3DarialResize>
<DIV class=3Dt14>Qualcomm re****ted a 15% =
jump in=20
third-quarter profit and raised its =
earnings=20
projection for the fiscal year, citing =
demand for=20
high-priced cellular handsets.</DIV><SPAN=20
class=3DplnEleven>=95</SPAN> <A =
class=3Dt14=20
=
href=3D"http://online.wsj.com/public/page/0,,8_0000-ZvPnCN1XdO9teNykvc8fr=
OgePTMWdWXi-S3ZuEP1PS3nqnVSjD5tQK8fTTRdOcUwQ,00.html?mod=3DdjemEMU"><B>Vi=
deo:</B>=20
Qualcomm CEO Jacobs discusses =
earnings</A><SPAN=20
style=3D"FONT-SIZE: =
5px"><BR> <BR></SPAN></SPAN></TD></TR></TBODY></TABLE><SPAN=20
style=3D"FONT-SIZE: 9px; LINE-HEIGHT: =
9px"><BR> <BR></SPAN><A=20
name=3D"">
<TABLE cellSpacing=3D0 cellPadding=3D0 =
width=3D"100%"=20
border=3D0>
<TBODY>
<TR vAlign=3Dtop>
<TD vAlign=3Dtop><!-- Summary article =
type=3DU.S. Stocks Page=3DEurope Mail HTML--><A=20
class=3Dtb14=20
=
href=3D"http://online.wsj.com/article/0,,SB112186692543390793,00.html?mod=
=3DdjemEMU">Amgen,=20
Honeywell, Altria Advance<BR></A><SPAN=20
class=3DarialResize>
<DIV class=3Dt14>The Nasdaq hit a =
four-year high=20
with assistance from Amgen and despite the =
drags=20
of Intel and=20
=
Yahoo.</DIV></SPAN></TD></TR></TBODY></TABLE><SPAN=20
style=3D"FONT-SIZE: 14px; LINE-HEIGHT: =
14px"><BR> <BR></SPAN></A></TD></TR></TBODY></TABLE></TD></TR></TBOD=
Y></TABLE>
<TABLE cellSpacing=3D0 cellPadding=3D0 border=3D0>
<TBODY>
<TR>
<TD height=3D35><SPACER type=3D"vertical"=20
size=3D"35"></TD></TR></TBODY></TABLE>
<TABLE><A name=3Dfullstory><FONT class=3DboldGreyEleven>TOP=20
STORY</FONT>=20
<TBODY></TBODY></TABLE>
<TABLE cellPadding=3D0 width=3D"100%" border=3D0 =
callspacing=3D"0">
<TBODY>
<TR>
<TD><!-- Source: db --><!-- BUTTON ONLY FOR THE ARTICLES =
WHOSE ID STARTS WITH SB SB112127656728984700 --><A=20
=
onclick=3D"do***ent.body.style.cursor=3D'wait';DelayFunction('SB112127656=
728984700','http://aes.online.edit.dowjones.net:8081/copyflow');return
=
false"=20
href=3D"mid://00000363/#"></A><!-- ID: =
SB112127656728984700.djm --><!-- LEVEL: normal --><!-- TYPE: E-Commerce =
--><!-- DISPLAY-NAME: E-Commerce --><!-- PUBLICATION: "The Wall Street =
Journal Interactive Edition" --><!-- DATE: 2005-07-21 00:01 --><!-- =
COPY: Dow Jones & Company, Inc. --><!-- ORIG-ID: --><!-- article start =
--><!--
CODE=3DINDUSTRY SYMBOL=3DDIT
-->
<P class=3Dtb22 style=3D"MARGIN: 0px">EBay's Results=20
Allay<BR>Fears of Decline</P>
<DIV=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 0px; =
PADDING-BOTTOM: 0px; MARGIN: 0px; FONT: bold 16px/17px Times New Roman, =
Times, Serif; COLOR: #666; PADDING-TOP: 13px">Surging=20
Profit and Revenue<BR>Show Firm's Auction Model<BR>Has =
Room=20
for More Growth</DIV><SPAN=20
style=3D"FONT: bold 12px times new roman, times, =
serif">
<P style=3D"FONT: bold 12px times new roman, times, =
serif">By=20
<B>MYLENE MANGALINDAN</B> <BR><SPAN=20
style=3D"FONT: bold 10px times new roman, times, =
serif"><B>Staff=20
Re****ter of THE WALL STREET =
JOURNAL</B></SPAN><BR></P></SPAN>
<P class=3Dtimes style=3D"MARGIN: 0px 0px =
10px">Internet=20
auctioneer eBay Inc. eased concerns about slowing =
growth,=20
posting a 53% increase in second-quarter profit on a =
40%=20
revenue jump fueled by accelerating growth in the =
U.S., its=20
biggest market.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">EBay =
also raised=20
its financial targets for the rest of the year. The =
earnings=20
and bullish forecast sent eBay shares up 14% in =
after-hours=20
trading.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">EBay, =
San Jose,=20
Calif., re****ted net income of $291.6 million, or 21 =
cents a=20
share, compared with $190.4 million, or 14 cents a =
share, a=20
year earlier. The result topped eBay's forecast and =
the=20
estimates of Wall Street analysts.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px =
10px">Revenue rose to=20
$1.09 billion from $773.4 million, exceeding eBay's =
forecast=20
of $1.03 billion to $1.05 billion.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">The =
earnings were=20
re****ted amid concerns by investors and analysts that =
eBay's=20
biggest auction businesses are maturing. Through =
yesterday,=20
eBay shares had tumbled 40% this year, to $34.87 in 4 =
p.m.=20
trading on the Nasdaq Stock Market. But in after-hours =
trading, eBay shares soared to $39.42, their highest =
level=20
since March.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px =
10px">Revenue growth at=20
eBay accelerated for the first time in 2=BD years. In =
the first=20
quarter, by comparison, revenue increased 36%. Revenue =
from=20
U.S. auctions jumped 28%, an improvement from 19% in =
the first=20
quarter, marking the first time in five quarters that =
growth=20
had accelerated.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">Growth =
also picked=20
up at eBay's PayPal payment-processing unit.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">The =
increase=20
"reinforces our view that [eBay's] growth op****tunity =
remains=20
vast," wrote Goldman Sachs analyst Anthony Noto, in a =
research=20
note. "EBay represents the best business model within =
the=20
Internet sector." Goldman has done investment-banking =
work for=20
eBay.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">In an =
interview,=20
EBay Chief Financial Officer Rajiv Dutta credited new=20
features, revamped marketing and enhanced =
communication with=20
sellers for the faster growth rate. He said eBay had =
subtly=20
altered some pages on its Web site so those pages =
would appear=20
more prominently in the results on search engines such =
as=20
Google Inc. and Yahoo Inc. EBay also tweaked its =
listings in=20
categories such as apparel, industrial goods and home =
and=20
garden products, he said, contributing to more =
listings and=20
higher average selling prices.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px =
10px">Analysts said eBay=20
had successfully increased its commissions without =
hurting its=20
growth. EBay said it had 440 million auction listings =
in the=20
second quarter, in line with analysts' =
expectations.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">"They =
are able to=20
extract more revenue from sellers," said Safa =
Rashtchy, an=20
analyst with Piper Jaffray.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px =
10px">Pacific Growth=20
Equities analyst Derek Brown estimated that the =
company's=20
average commission per sale increased to 7.54% this =
quarter=20
from 7.32% last quarter.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">Gross =
merchandise=20
volume, or the total value of all successfully closed =
listings=20
on eBay's trading sites, reached $10.9 billion.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">The =
U.S.=20
represented 54% of total revenue, unchanged from the =
first=20
quarter.</P>
<P class=3Dtimes style=3D"MARGIN: 0px 0px 10px">In its =
new=20
forecast, eBay said it expects revenue this year of =
$4.34=20
billion to $4.41 billion, which is more than the =
company's=20
earlier estimate of $4.27 billion to $4.36 billion. =
EBay said=20
it expects earnings per share of 77 cents to 78 cents, =
up from=20
71 cents to 73 cents. For the third quarter, eBay =
projected=20
revenue of $1.05 billion to $1.07 billion, and =
earnings of 18=20
cents a share, exceeding earlier forecasts.</P><!-- =
article end --></TD></TR></TBODY></TABLE><IMG=20
height=3D1 src=3D"http://online.wsj.com/img/b.gif"
=
width=3D300=20
=
border=3D0><BR></A></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></=
DIV>
<DIV><STRONG><FONT face=3DArial size=3D2><BR>-- =
<BR> <A=20
href=3D"http://therealcuba.com/Dennis.htm">http://therealcuba.com/Dennis.=
htm</A></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV> </DIV>
<DIV><A=20
=
href=3D"http://therealcuba.com/Page24.htm">http://therealcuba.com/Page24.=
htm</A></DIV>
<DIV> </DIV>
<DIV></FONT></STRONG> </DIV></BLOCKQUOTE></DIV><STRONG><FONT =
face=3DArial=20
size=3D2>
<DIV><BR>-- <BR> <A=20
href=3D"http://therealcuba.com/Dennis.htm">http://therealcuba.com/Dennis.=
htm</A></DIV>
<DIV> </DIV>
<DIV><A=20
href=3D"http://therealcuba.com/Page24.htm">http://therealcuba.com/Page24.=
htm</A></DIV>
<DIV> </DIV>
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