eBay reports 14.1% revenue increase in second quarter financial results
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Online auction giant eBay (EBAY) announced its financial results for second quarter fiscal 2013, reporting a revenue increase of 14.1% to $3.9B from $3.4B a year ago. Despite the strong revenue growth, the company did not live up to investor expectations with respect to net income, reporting $640M, a 7.5% decrease from last year’s $692M. Comparing earnings per share, eBay investors earned $0.49 per share, $0.04 less per share from last year. eBay’s payment unit PayPal saw revenue increase 20% from $1.36B last year to $1.62B this quarter. PayPal has been credited for a large part of eBay’s overall success as PayPal strives to be the payment method of choice for not only online transactions, but brick-and-mortar stores as well. eBay CEO John Donahoe remarked that the company is strong and he remains confident in its ability to meet and exceed internal goals.