eBay Stays on Top with 53% Earnings Increase
eBay's second-quarter profit has far exceeded analysts expectations as the world’s largest online auction brushed aside comments that it could be losing some of its competitive edge.
eBay reported that it earned over $291 million for the three months ended June 2005 representing a 53 per cent increase on the same quarter last year. Revenue grew to almost $1.1 billion, showing a 40 per cent increase on last year.
Said eBay chief executive Meg Whitman in a recent conference call, "Our results underscore the power of our community of users and the potential of what we can achieve together."
Online auction rivals such as uBid.com and Overstock.com have been trying to capitalise on earlier criticism about eBay’s performance in an attempt to lure away shops, sellers and buyers. But this strategy doesn’t seem to have had a significant impact yet on eBay, which still dominates online auctions with over 50 million unique users in June in the US alone. This represents an increase of over 10% on the same period last year.
Globally, eBay now has over 150 million users and is still by far the best place to buy and sell through online auctions, especially with the growing presence of PayPal across the world helping to make payments more secure for buyers and sellers alike.
eBay reported that it earned over $291 million for the three months ended June 2005 representing a 53 per cent increase on the same quarter last year. Revenue grew to almost $1.1 billion, showing a 40 per cent increase on last year.
Said eBay chief executive Meg Whitman in a recent conference call, "Our results underscore the power of our community of users and the potential of what we can achieve together."
Online auction rivals such as uBid.com and Overstock.com have been trying to capitalise on earlier criticism about eBay’s performance in an attempt to lure away shops, sellers and buyers. But this strategy doesn’t seem to have had a significant impact yet on eBay, which still dominates online auctions with over 50 million unique users in June in the US alone. This represents an increase of over 10% on the same period last year.
Globally, eBay now has over 150 million users and is still by far the best place to buy and sell through online auctions, especially with the growing presence of PayPal across the world helping to make payments more secure for buyers and sellers alike.
