Global e-commerce giant eBay reported Q1 results of US$2.5bn in revenues, up 16pc on last year. The company said its PayPal subsidiary is seeing solid growth in mobile commerce volumes.
eBay reported profits of US$475.9m, or US$0.36 per diluted share, and non-GAAP net income of US$619.0m, or US$0.47 per diluted share, representing a 12pc increase for each compared with last year.
“In the first quarter, PayPal continued to drive strong growth globally, eBay sharply accelerated growth in the US and we announced several acquisitions that we believe will enhance our leadership and innovation in commerce and payments. The year is off to a strong start,” said eBay Inc president and CEO John Donahoe.
The company’s PayPal business delivered strong first-quarter performance, expanding its leadership position in global payments.
PayPal grew active registered accounts 16pc year over year, ending the quarter with 97.7m and adding about 1m active accounts per month for the sixth consecutive quarter.
PayPal’s net total payment volume grew 28pc to US$27.4bn in the first quarter of 2011 compared to the same period of last year, driven primarily by strong 38pc year-over-year growth in its Merchant Services business across global markets, increased merchant adoption and greater usage by customers.
Solid growth in mobile payments at PayPal
PayPal continued to deliver solid growth in mobile payments and digital goods, with increased usage of Mobile Express Checkout, PayPal Send Money apps and the newly-launched PayPal for Digital Goods service.
The company’s Marketplaces business continued to deliver improved performance during the first quarter of 2011. Gross merchandise volume excluding vehicles (GMV), increased by 8pc year over year to US$14.5bn, reflecting progress against underlying customer metrics focused on trust, value and selection.
Looking ahead to Q2, eBay expects net revenues in the range of US$2.550 to US$2.650bn.
Full-year 2011 revenues in the range of US$10.6bn-US$10.9bn are predicted.
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