Business

eBay results beat expectations as PayPal expands

eBay offices, San Jose, California
Image caption Increasing numbers of sellers have been using eBay's services

Online auction giant eBay has reported better-than-expected profits thanks to growth at its PayPal division.

Second-quarter net income was $283.4m (£176m), down from $412m for the same period a year ago.

But the fall in earnings was largely due to eBay's takeover of GSI Commerce, a digital marketing and e-commerce firm, earlier this year.

Ebay's main online Marketplace business showed signs of a turnaround and its PayPal division grew well.

PayPal gained members and the value of merchandise sold through its eBay.com website rose.

Taking out one-off cost - including those of acquiring GSI - income was 19% higher than last year's $530m.

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