Business

eBay reports 14% rise in profits

eBay offices, San Jose, California
Image caption EBay stressed the importance of its applications for mobile phones

The internet auction site eBay has reported a 14% increase in third quarter profits.

Net income for the three months to the end of September came in at $491m (£311m), up from $432m in the same period last year.

EBay said the growth was driven by increased activity on its online marketplaces and greater use of its PayPal payments network.

But in after-hours trading in New York, the company's shares fell 5% to $31.45.

"Investors were assuming there would be upside surprise in earnings or the guidance," said Fred Moran, an analyst at the Benchmark Company.

"They maintained their full-year forecast essentially, which reflects a little caution around the global economy."

In his results statement, chief executive John Donahoe stressed the importance of the company's applications for mobile phones.

"Mobile commerce continues to accelerate as consumers change the way they shop and pay," he said.

"We are focused on enabling commerce, helping consumers shop anytime, anywhere, and being the commerce partner of choice for retailers of all sizes."

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