eBay Inc. (NASDAQ: EBAY) said late Wednesday Wednesday that its first-quarter net income rose to $476 million, or 36 cents a share, compared to earnings of $398 million, or 30 cents a share, in the year-ago quarter. On an adjusted basis, the company earned 47 cents a share in the latest quarter. Revenue increased 16% to $2.55 billion. Analysts, on average, expected the company to report earnings of 46 cents per share on revenue of $2.48 billion.
"In the first quarter, PayPal continued to drive strong growth globally, eBay sharply accelerated growth in the U.S. and we announced several acquisitions that we believe will enhance our leadership and innovation in commerce and payments. The year is off to a strong start," said eBay Inc. President and CEO John Donahoe.
Looking ahead to second quarter, eBay expects net revenues in the range of $2.550 to $2.650 billion with GAAP earnings per share in the range of $0.36 to $0.37 and non-GAAP earnings per share in the range of $0.45 to $0.46.
For full year 2011, eBay now expects net revenues in the range of $10.600 to $10.900 billion with GAAP earnings per share in the range of $1.53 to $1.58 and non-GAAP earnings per share in the range of $1.93 to $1.97.
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