Shares of eBay (NASDAQ: EBAY) are up significantly after the online auction site after the company reported strong second quarter earnings.
The online retailer reported a net profit $692 million, or 53 cents a share, up from $283 million, or 22 cents a share, for the second quarter of 2011. Adjusted earnings were $730 million, or 56 cents a share. Analysts polled by Thomson Reuters were expecting earnings per share of 55 cents.
The online retailer’s top line was $3.4 billion, a 23% increase from the year-earlier period and above slightly above analysts expectations of $3.36 billion.
Shares of eBay are up 5.64% to $42.74 two hours after market close. The 52-week high is $43.94.
“We delivered a great second quarter, driven by eBay Marketplaces’ best performance in years, strong growth at PayPal and strong same-store-sales growth for GSI’s large retail customers,” eBay CEO John Donahoe said in a statement.
It’s payments unit, Paypal, recorded revenue of $1.35 billion for the quarter, up 26% from the year-earlier period. Paypal had 113.2 million active accounts at the end of the quarter, up 13% from a year ago.
Shares of eBay rose 3.56% to $40.46 in regular trading Wednesday. Shares have risen 29.10% in 2012.