News Summary: EBay more than doubles 2Q earnings

News Summary: Higher revenue from PayPal, e-commerce sites sends eBay's 2Q earnings up

Associated Press

STRONG QUARTER: EBay Inc. more than doubled its second-quarter net income, thanks to higher revenue from its PayPal online payments business and its e-commerce websites.

MOBILE BOOST: The growth of mobile shopping did and will likely continue to help increase eBay's earnings. The company expects eBay and PayPal to each conduct $10 billion in transactions in 2012, more than double 2011's transactions.

SHARES UP: EBay's stock climbed $1.90, or 4.7 percent, to $42.36 in after-hours trading. The stock had closed up $1.39, or 3.6 percent, at $40.46 — up 33 percent year-to-date.

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