Online auction powerhouse eBay says its recent quarter net earnings surged due to the success of its Internet payments service PayPal.
Revenue for the quarter that ended September 30 rose just 1% to $2.25 billion while net profit climbed 23% to $432m compared to the same time a year earlier.
'We delivered strong third quarter results, with great performance at PayPal and stable results at eBay,' said eBay chief executive John Donahoe. 'PayPal gained share globally and eBay continued to improve key metrics,' he added.
PayPal added over one million new accounts monthly, ending the quarter with 90 million active accounts, according to eBay.
The company forecast that net revenue in the current quarter would tally from $2.39-2.49 billion and that per-share earnings would range from 37 cents to 40 cents.
