Ebay profits soar as PayPal takes in big revenue
PayPal is helping to boost eBay profits skyward.
Online auctioneer eBay saw a jump in shares Thursday as PayPal profits exploded.
Growth in PayPal revenue grew 26 percent this year, earning nearly $1.5 billion in the last quarter.
According to Market Watch, eBay shares rose as high as $42.62 with the news of a jump in profits by nine percent for the company, on top of the good news from PayPal, which is owned by eBay.
The Wall Street Journal reported that eBay has not performed as strongly as Amazon but has made a considerable turnaround due to improvements on the website and a strong performance by PayPal.
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Overall sales in eBay's marketplace reached $1.81 billion this year, a nearly 10 percent jump.
Altogether, the San Jose, Calif.-based company earned approximately $3.3 billion to $3.4 billion in revenue.
"Our entire company is strong, but we're particularly pleased with eBay Marketplaces, which delivered its strongest organic growth in gross merchandise volume, excluding vehicles, since 2006," said eBay CEO John Donahoe, according to the Street.
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