eBay and PayPal report solid growth in mobile commerce
Global e-commerce giant eBay reported Q1 results of US$2.5bn in revenues, up 16pc on last year.
The company said its PayPal subsidiary is seeing solid growth in mobile commerce volumes.
eBay reported profits of US$475.9m, or US$0.36 per diluted share, and non-GAAP net income of US$619.0m, or US$0.47 per diluted share, representing a 12pc increase for each compared with last year.
“In the first quarter, PayPal continued to drive strong growth globally, eBay sharply accelerated growth in the US and we announced several acquisitions that we believe will enhance our leadership and innovation in commerce and payments. The year is off to a strong start,” said eBay Inc president and CEO John Donahoe.
PayPal continued to deliver solid growth in mobile payments and digital goods, with increased usage of Mobile Express Checkout, PayPal Send Money apps and the newly-launched PayPal for Digital Goods service.
The company’s Marketplaces business continued to deliver improved performance during the first quarter of 2011. Gross merchandise volume excluding vehicles (GMV), increased by 8pc year over year to US$14.5bn, reflecting progress against underlying customer metrics focused on trust, value and selection.