eBay Releases Q3 Results, Share Prices Fall Despite 32% Increase in Revenue

Online retail and payments giant eBay has announced a 14% increase in its net income for the third quarter, thanks to the healthy growth of PayPal, its online payments division.

The company revealed that for the third quarter ending in September, it had a net income of $491 million or 37 cents per share, an increase from $432 million or 33 cents a share it had earned last year.

EBay also reported a 32% increase in its revenue during the third quarter, which was at $3 billion, more than the $2.9 billion expected by analysts. "Our company reported another strong quarter, with eBay, PayPal and GSI each performing well," said eBay Inc. President and CEO John Donahoe reports Silicon Republic.

"Mobile is one way online and offline shopping are blending into a single commerce environment. We are focused on enabling commerce, helping consumers shop anytime, anywhere, and being the commerce partner of choice for retailers of all sizes." he added.

The company said that it expected its eBay mobile platform to generate $5 billion in merchandise volume and its PayPal mobile platform to have a payment volume of more than $3.5 billion. eBay's PayPal division seems to be doing well, with the company announcing that the service had 103 million active users and had its revenue increased by 32% year on year.

Further information about the results can be found on eBay's official results page here.