eBay’s Q1 earnings have beaten analysts’ forecasts. The company more than doubled its profits to $47.6 million for the quarter ended March 31, 2002 on revenues of $245.1 million. For the same period the previous year, eBay made profits of $21.1 million on revenues of $154.1 million.
The company’s focus and ability to execute allowed us to deliver record revenues and record profitability for the quarter, said Meg Whitman, President and CEO of eBay. These results demonstrate that the momentum in our core transaction business is stronger than ever.
Based on the company’s most recent performance, eBay now believes that net revenues for Q2-02 will range between $260 and $265 million, bringing its first half 2002 net revenue guidance to between $505 and $510 million, representing the high end of previous guidance.
For the full year 2002, eBay expects that net revenues will approximate $1.1 billion, representing the high end of its previous guidance of $1.05 billion to $1.1 billion.