Ebay’s profits plunge 29%

Ebay has reported a $2.1bn (£1.27bn) drop in revenue for the second quarter of the year, down from $2.2bn (£1.33bn) in the same period last year.

Ebay

The online auction marketplace saw profit drop 29% to $327.3m (£198m) for the three months up to June 2009, compared with 2008.

The growth of PayPal and internet telephone company Skype, which added 37.3m registered users during the quarter, helped to offset a drop in sales.

John Donahoe, Ebay president and CEO, said, “We drove solid second quarter results, with strong momentum and market share gains at PayPal and continued stabilisation in our core eBay business,” said “We are managing our business with focus and discipline, delivering on our commitments while investing in our growth priorities. I’m pleased with our pace, our progress and our performance.”

Ebay Advertising announced this week it has launched its property vertical across its site, allowing users to search for properties.

new media age revealed the auction giant was set to launch a property channel with PropertyIndex.com in February.

This story first appeared on newmediaage.co.uk

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