EBay Earnings Beat Expectations
SAN JOSE, Calif. (AP) _ Second-quarter operating results for Internet auction house eBay Inc. beat Wall Street expectations, despite repeated troubles with the company’s computer server that stymied would-be bidders.
EBay earned $5.1 million, or 4 cents a share, in the three months ended June 30. In the year ago period, the San Jose-based eBay earned $5.2 million, or 5 cents a share.
Analysts surveyed by First Call had predicted earnings of 3 cents a share.
Revenues shot up to $49.5 million for the second quarter of 1999, up from $19.5 million for the same period last year.
Including charges and merger-related costs, eBay had net income of $816,000, or 1 cent a share, compared with $2.7 million, or 2 cents a share.
Shares of eBay closed Monday at $105.06 1/4, down $2.75 in trading on the Nasdaq Stock Market.
The number of registered eBay users increased to 5.6 million from more than 3.8 million in the first quarter.
The online auction site has been battling problems with crashes and slowdowns for months.
One of eBay’s worst outages prevented the company from holding auctions of just-released merchandise tied to this year’s ``Star Wars″ movie. Another crash lasted nearly a full day.