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EBay Reports 91 Percent Year-over-Year Sales Surge

EBay reported record quarterly profit and revenue Thursday, and the online auction giant announced a two-for-one stock split and boosted its already bullish outlook for the rest of the year.

The company said it earned $152 million in the second quarter on revenue of $509.3 million, crediting the boost partly to a surge in the number of active users _ those who frequently visit the site. Revenue and profit both jumped 91 percent from the same quarter in 2002.

EBay earned 33 cents per share, or 37 cents per share excluding some items, including payments to expand facilities in the San Jose headquarters. That beat Wall Street's already enthusiastic expectation of 35 cents per share.

EBay's board of directors announced Thursday a two-for-one split to stockholders of record on Aug. 4. The split will become effective Aug. 28. 2003.

President and chief executive Meg Whitman called it "another great quarter for eBay."

"Our thriving community of buyers and sellers continues to spread the word that eBay is a great place to trade, build a business, make friends and have fun," she said in a statement.

EBay stock hit a new 52-week high in regular trading Thursday, inching up 1 percent to $115.61 before the earnings report came out. However, in extended trading, the shares sank to $110.87.

Copyright © 2002 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.

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