19 Jan '12, 12am

eBay's fourth-quarter profit soars

eBay's fourth-quarter profit soars

NEW YORK: Online auction and payments powerhouse eBay said on Wednesday that net profit more than tripled in the fourth quarter in part due to the sale of its remaining stake in Skype. The San Jose, California-based company posted a fourth-quarter net profit of $1.98 billion, or $1.51 per share, compared to $559 million, or 42 cents per share, during the same quarter a year ago. Revenue rose 35 percent to $3.38 billion in the quarter, better than the $3.32 billion expected by Wall Street analysts. EBay said the increase in fourth-quarter earnings was "driven primarily by a gain on the sale of the company's remaining investment in Skype," which was sold to Microsoft last year for $8.5 billion. "We had a strong fourth quarter finish to an excellent year, increasing our confidence in our three-year outlook," eBay president and chief executive John Donahoe said in a statement....

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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