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Summary Box: eBay posts higher 1Q net income

The Associated Press

THE RESULTS: EBay's first-quarter net income grew 20 percent thanks to higher revenue from its PayPal business and brisk sales at its e-commerce websites. Revenue grew 29 percent to $3.28 billion from $2.55 billion.

ABOVE ESTIMATES: The results beat Wall Street's expectations and investors sent the company's stock higher in after-hours trading.

OUTLOOK: EBay is forecasting adjusted earnings of 53 cents to 55 cents per share and revenue of $3.25 billion to $3.35 billion for the current quarter. Analysts expect adjusted earnings of 55 cents and revenue of $3.42 billion.