Ebay Earnings Rise on Growth in PayPal Business

ebay first quarter earnings Internet
Marcio Jose Sanchez/AP
NEW YORK -- Ebay grew its earnings and revenue in the first quarter thanks to growth in its PayPal business and its e-commerce sites. But the results fell shy of Wall Street's expectations, causing investors to send the company's stock lower in after-hours trading.

EBay Inc. (EBAY) said Wednesday that it earned $677 million, or 51 cents a share, in the January-March period. That's up from $570 million, or 44 cents per share, in the same period a year earlier.

Adjusted earnings were 63 cents a share, up from last year's 55 cents but below the 65 cents analysts were expecting.

Revenue grew 14 percent to $3.75 billion, slightly below Wall Street expectations. Analysts polled by FactSet were anticipating $3.77 billion.

The San Jose, California-based company's stock is down 2.6 percent after hours.

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