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Ebay beats 3Q
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October 18, 2001: 5:40 p.m. ET
Online auction site posts higher 3Q in spite of economic downturn
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NEW YORK (CNNmoney) - The Internet auction site eBay Inc. Thursday reported higher third-quarter sales and earnings as business remained strong through the economic downturn.
The company reported third-quarter net income of $18.8 million, or seven cents per share, compared with a profit of $15.2 million, or five cents per share, in the corresponding quarter a year earlier.
On an operating basis, excluding unusual costs, the San Jose, California-based company reported earnings of $34.9 million, or 12 cents per share.
That's a penny above the forecasts of most analysts, who had been expecting a profit of 11 cents per share, according to research firm First Call.
Quarterly revenues rose to $194.4 million from $113.4 million.
"We're continuing to see sustained growth across our U.S. and international markets, deeper penetration into many vertical categories and expanded adoption of our fixed-price trading formats," eBay Chief Executive Meg Whitman said in a statement.
Additionally, eBay said it anticipates fourth quarter revenue between $200 million and $210 million, which would be $5 million higher than the company's own previous guidance. The company also anticipates fourth quarter earnings between 11 cents and 12 cents a share. Analysts expect earnings of 12 cents a share, according to First Call.
"In these extraordinary times, we continue to be impressed by the strength and resiliency of our user community," CEO Meg Whitman, said in a statement. "We're continuing to see sustained growth across our U.S. and international markets, deeper penetration into many vertical categories and expanded adoption of our fixed price trading formats."
The company reported online net revenue of $185.4 million, 80 percent more than the $102.8 million in the year-earlier period.
Ebay's (EBAY: Research, Estimates) shares climbed $1.97 to $59.06 Thursday. 
from staff and wire reports
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