On April 23rd, eBay reported Q1 earnings ex-items of $0.39/share, easily topping expectations. Net income fell to $357.1 million, or $0.28/share, down from $460 million, or $0.34/share, in the same period one year ago Revenues dipped 8% to $2.02 billion. Consensus estimates called for earnings ex-items of $0.06/share on revenues of $1.94 billion.
Hoping to effectively put a for sale sign up, eBay announced its intentions to spin off Skype through an IPO in the first half of 2010. eBay’s purchase of Gmarket (GMKT) for $1.2 billion was approved in April.
eBay expects its profitable PayPal division to more than double revenues in the next several years. The online auctioneer sees 2009 revenues of $1.85 to $2.05 billion, earning $0.23 to $0.26 per share. eBay also plans on expanding further into East Asia, evidenced by their recent acquisition of Korea’s GMarket.
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