Cash strapped shoppers buying and selling on eBay helped boost profits at the online market place.
EBay posted better-than-expected quarterly results last night, and the operator of the world's largest online marketplace stuck to its full-year forecasts as it avoided a hit from Europe's economic woes.
EBay said second-quarter revenue jumped 23% to $3.4 billion, while profit climbed 16% to $730 million, or 56 cents a share. That topped Wall Street forecasts.
EBay's third-quarter revenue and profit forecasts were slightly below analyst expectations. But the e-commerce giant stuck with its full-year guidance from earlier this year.
EBay shares have slipped in recent weeks on concern a weak European economy might dent buying and selling on the company's online marketplace -- and lucrative cross-border transactions in particular.
However, eBay said its Marketplaces business generated its strongest organic growth since 2006 - and highlighted "strong growth" in Europe and the Asia-Pacific region.
"The results were very good," said Gil Luria, an analyst at Wedbush Securities. "I don't think anybody in their wildest dreams thought Marketplaces would be growing this fast."
Shares of eBay rose more than 5% last night to $42.54 in extended trading after the results.
