EBay Reports Higher Earnings; Icahn Seeking PayPal Spinoff
SAN JOSE (AP) – EBay is reporting higher earnings and revenue for the last three months of 2013, driven by a strong holiday season for its e-commerce site and PayPal.
The company also says it has received a notice from activist investor Carl Icahn seeking a spinoff of PayPal. But eBay says it has looked into that and does not believe it is best for shareholders.
EBay Inc. said Wednesday that it earned $850 million, or 65 cents per share, in the October-December period. That’s up 13 percent from $751 million, or 57 cents per share, a year earlier.
Adjusted earnings were 81 cents per share, beating analysts’ expectations by a penny.
Revenue grew 13 percent to $4.53 billion from $3.99 billion.
Analysts surveyed by FactSet had expected revenue of $4.55 billion.