PayPal performance drives eBay's 4th quarter

Online auctioneer beats Wall Street expectations, saying revenue growth was driven by "exceptional performance" by PayPal and "excellent growth" by StubHub.

eBay beat Wall Street's expectations, reporting a net income of US$585 million, or 44 cents per share, for the fourth quarter, a 9 percent jump over the same quarter a year ago. Revenue for the quarter was US$2.4 billion, up 16 percent increase from a year ago. Analysts had expected earnings of 40 cents per share on sales of US$2.29 billion. (Statement)

For the full year, eBay reported net income of US$2.1 billion, or US$1.58 per share, on sales of US$8.7 billion. Analysts had been expecting an eps of US$1.54 on sales of US$8.65 billion.

The company said revenue growth was driven by "exceptional performance" by PayPal and "excellent growth" by StubHub. The payments unit saw year-over-year revenue growth of 28 percent and net total payment volume increase 34 percent.

Read more of "eBay earnings beat for Q4, 2009; credits PayPal's 'exceptional performance'" at ZDNet.com.