SAN FRANCISCO (Reuters) - Online marketplace eBay Inc beat Wall Street profit estimates on Wednesday for its holiday fourth quarter, helped by a big boost in its marketplaces division.
Net income for the quarter was $559.2 million, or 42 cents per share, compared with $1.36 billion, or $1.02 per share, a year earlier.
On an adjusted basis, eBay earned 52 cents per share, surpassing the 47 cents expected, on average, by analysts, according to Thomson Reuters I/B/E/S.
Revenue rose 5 percent to $2.495 billion, fueled by a 17 percent increase in its main marketplaces unit and a 25 percent rise at online payments unit PayPal. Total revenue was above the $2.488 billion Wall Street had been expecting.
EBay is in the last year of a three-year turnaround designed to turn around its marketplaces business, which connects online buyers with sellers.
Shares rose 4 percent after closing down 1 percent at $29.10 on the Nasdaq.
(Reporting by Alexandria Sage; Editing by Steve Orlofsky)
