EBay Inc. experienced strong growth and profits during its second quarter, beating analysts' profit expectations by a penny, the company said Tuesday. For the quarter ended June 30, the online auction company reported revenue of $97.4 million, a 97% increase from the $49.5 million reported for the same period last year.
Profits were equally strong. Consolidated net income reached $11.6 million, or 4 cents per share, up from $816,000 for the second quarter of 1999. In the financial statement, CFO Gary Bengier credited the record profits to higher revenue and strong gross merchandise sales.
Highlighted areas of growth included a 183% increase in registered users and a 130% increase in online net revenues.