Breaking
News Wire 1 min

EBay profit falls after PayPal split

EBay's profits for the third quarter of the year fell slightly in the wake of its split from lucrative and faster growing payments business PayPal.

ebay
Share𝕏inf

The internet trading platform said revenue fell by 2.4 per cent to $2.1bn (£1.36bn) from $2.15bn last year but the company points out if changes to the level of exchange rates are stripped out, trading volume was up 6 per cent.

It makes 50 per cent of profits outside the US, reports The BBC.

Net income fell to $539m from $673m a year earlier.

Free newsletters

The stories that matter to UK business, straight to your inbox.

Ebay celebrated 20 years in business this year. It split its PayPal business into a separate company in July.

The company, which has 159 million active buyers, said its classifieds and StubHub ticket re-sale businesses had both had strong quarters and remained key company assets.

The results sent shares in eBay up almost 9 per cent in after hours’ trading.

EBay’s president and chief executive, Devin Wenig, said: “We… marked eBay’s 20th anniversary and made progress on executing our strategy to reposition the company to deliver stable and profitable long-term growth.”

More from News Wire.

More →