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PayPal carries eBay to strong second quarter

E-commerce giant eBay turns in a strong second quarter, with help from its PayPal unit, which delivered its first quarter with more than $1 billion in revenue; though it falls short of Wall Street expectations.

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E-commerce giant eBay turned in a strong second quarter as its PayPal unit delivered its first quarter with more than $1 billion in revenue.

eBay reported second-quarter earnings of $283 million, or 22 cents a share, on revenue of $2.76 billion. Non-GAAP earnings were 48 cents a share. Wall Street was looking for earnings of 46 cents a share on revenue of $2.61 billion.

As for the outlook, eBay projected third-quarter non-GAAP earnings of 46 cents a share to 47 cents a share on revenue of $2.85 billion to $2.95 billion. Wall Street was looking for 47 cents a share on revenue of $2.7 billion. For 2011, eBay projected non-GAAP earnings of $1.97 a share to $2 a share on revenue of $11.3 billion to $11.6 billion. The outlook includes the recent acquisition of GSI Commerce.

Overall, PayPal is carrying eBay. PayPal delivered its first $1 billion quarter and had 100.3 million registered accounts, up 15 percent from a year ago.

eBay's marketplace business had gross merchandise volume excluding vehicles of $14.7 billion, up 17 percent from a year ago.

This story originally appeared on ZDNet's Between the Lines.