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eBay profit: Going, going, gone sky high

Online auction house eBay made a net profit of $21m for its first quarter, ended 31 March 2001, up from $1.8m a year ago. The results exceeded expectations and confirmed its position as a profitable dot-com.
Written by silicon.com staff, Contributor

Online auction house eBay made a net profit of $21m for its first quarter, ended 31 March 2001, up from $1.8m a year ago. The results exceeded expectations and confirmed its position as a profitable dot-com.

The company added over 7.2 million registered users during the quarter, bringing the total to 29.7 million registered users. Members made a record $1.98bn in gross merchandise sales during the quarter, a 72 per cent increase over the comparable period last year and a 23 per cent increase over last quarter. Nick Jones, senior analyst at Jupiter MMXI, said: "eBay has incredible international momentum. In Germany, it is dominant not only in the auction sector but is up there with the general retailers. QXL is on the back-foot, but traffic is still growing." The eBay management team expects consolidated net revenues over the next two quarters to be as much as $10m to $15m higher than previously anticipated. Growth in the next two quarters is expected to be lower than in the first quarter, in line with cyclical annual growth cycles experienced in the past. eBay's Meg Whitman features in silicon.com's Agenda Setters 2001. For more information, visit http://www.silicon.com/as2001
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