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eBay beats Street estimates
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January 26, 1999: 6:10 p.m. ET
Online auctioneer's profits jump 700 percent as sales soar
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NEW YORK (CNNfn) - Online auctioneer eBay Inc. Tuesday said fourth-quarter earnings jumped more than eight-fold as sales soared, beating forecasts on Wall Street.
The San Jose, Calif.-based company posted a net profit, before one-time charges, of $2.8 million, or 7 cents a diluted share, on sales of $19.5 million. Analysts polled by First Call expected eBay (EBAY) to earn 4 cents a share for the quarter.
The company earned $214,000, or 1 cent a share, in the same quarter of 1997, with sales totaling $2.6 million.
Since going public in September, eBay has been one of the hottest Internet stocks, its share price soaring to about $221 from its IPO opening price of $18.
The company recently took part in the high-profile auction of Mark McGwire's record-setting 70th home run ball.
For all of 1998, eBay had a net profit of $7.9 million, or 21 cents a diluted share, on net revenue of $47.4 million, compared with earnings of $899,000, or 3 cents a share, on revenue of $5.7 million.
eBay shares rose $3.375 to $220.875 as investors bet on strong results. The company reported results after the close of trading Tuesday.
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eBay
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