EBay shares surge to six-year high
SAN FRANCISCO, April 19 – EBay Inc shares surged more than 15 per cent to a six-year high today after quarterly results showed the company’s efforts to turn around its online Marketplaces business are paying off.
EBay reported better-than-expected first-quarter sales and profit late yesterday and raised 2012 forecasts as Marketplaces growth picked up and the PayPal payments business continued to expand rapidly.
“It’s becoming increasingly clear to us that eBay’s Marketplace turnaround is here to stay while PayPal continues to deliver strong top-line growth and margin expansion,” Doug Anmuth, an analyst at JPMorgan, wrote in a note to investors after the results.
EBay shares were up 15.5 per cent at US$41.43 in late morning action. They hit US$41.84 earlier today, the highest level since the spring of 2006. – Reuters