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EBay Sales Increase 5.7pc

Online retailer eBay posted its second straight quarter of sales gains, signalling a turnaround following its recent split from payments unit PayPal.

“We made good progress on our strategy, and we are starting to see some positive movement in underlying traffic and conversion metrics, driven by early versions of our new user experiences,” said CEO Devin Wenig.

EBay’s net income rose to US$435 million (A$583 million) in the latest quarter from $83 million a year earlier. Revenue was up 5.7 percent at $2.23 billion, ahead of analysts’ average estimate of $2.17 billion.

The company’s shares were up 8 percent after the bell on Wednesday after the company’s board also authorised an additional $2.5 billion stock buyback program.

Editor’s note: eBay’s rise wasn’t the only one. In a rare occurrence, every one of the 50 tech stocks in CDN’s daily listing was up on the day – see page 4.

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