EBay Inc. exceeded Wall Street analysts' earnings and net revenue expectations in its first quarter of 2005, helped by an increase in its online marketplace's active users and gross merchandise volume, as well as growth in the number of accounts and payments in its PayPal unit.
Net revenue came in at US$1.032 billion, up 36 percent from 2004's first quarter, the San Jose, California, company said Wednesday. This was slightly above the consensus expectation of $1.031 billion from analysts polled by Thomson First Call.
Meanwhile, net income grew 28 percent to $256.3 million, or $0.19 per share. Pro forma net income, which excludes certain items, was $275.5 million, or $0.20 per share, up 31 percent from 2004's first quarter and $0.02 per share above analysts' consensus expectation.
The company had 147.1 million registered net users at the close of the first quarter, which ended on March 31, 2005, an increase of 40 percent compared with 2004's first quarter.
Active users, defined as those who have bid, bought or listed an item on eBay within the 12 months previous to the end of the first quarter, increased 34 percent to 60.5 million.
Gross merchandise volume, which is the value of all successfully closed listings on eBay, reached $10.6 billion, a 32 percent increase.
Meanwhile, the company's PayPal online payment service saw its accounts total rise 57 percent to 71.6 million, while the dollar payment volume initiated through PayPal increased 44 percent to $6.2 billion.
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