10 Updates

EBay takes 1st quarter loss on tax charge

Apr 29 2014, 4:30pm CDT | by

NEW YORK (AP) — EBay recorded a loss in the first-quarter due to a hefty tax charge on foreign earnings, but revenue jumped in part because of its thriving PayPal payments business...

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12 weeks ago

EBay takes 1st quarter loss on tax charge

Apr 29 2014, 4:30pm CDT | by

NEW YORK (AP) — EBay recorded a loss in the first-quarter due to a hefty tax charge on foreign earnings, but revenue jumped in part because of its thriving PayPal payments business.

Adjusted results beat expectations but the company offered weak second-quarter guidance and shares fell 3.2 percent in aftermarket trading.

The results come as PayPal, which eBay bought for $1.3 billion in late 2002, gained 5.8 million new active registered accounts to end the quarter up 16 percent to 148 million.

The business is now growing faster than the company's core marketplaces business: Payments revenue rose 19 percent to $1.85 billion, about 43 percent of total revenue. Meanwhile, marketplaces revenue rose 10 percent to $2.16 billion.

The business also was the subject of an acrimonious tussle between eBay and billionaire activist investor Carl Icahn earlier this month. Icahn, who owns about 2 percent of eBay's shares, said repeatedly that the company should spin off all or part of PayPal. But eBay has said the company is better as a whole.

Icahn ultimately said that he would drop the PayPal strategy and withdraw his proposal to put two nominees on the board. In return, eBay will make David Dorman, chairman of CVS Caremark Corp. and founding partner of Centerview Capital Technology, the 10th independent director on the 12-member board. But Icahn said he still believes eBay should spin off PayPal and said in a statement that he'll seek confidential talks with the company.

Overall, eBay lost $2.33 billion, or $1.82 per share, in the three months that ended March 31. That compares with net income of $677 million, or 51 cents per share, last year. Excluding a $3 billion tax charge, net income totaled 70 cents per share. Analysts expected net income of 67 cents per share.

Revenue rose 14 percent to $4.26 billion from $3.75 billion. Analysts expected $4.23 billion.

For the second quarter, the company expects adjusted net income of 67 cents to 69 cents per share on revenue of $4.325 billion to $4.425 billion. Analysts expect net income of 70 cents per share on revenue of $4.4 billion.

For the year it expects adjusted net income of $2.95 to $3 on revenue of $18 billion to $18.5 billion. Analysts expected net income of $2.99 per share on revenue of $18.25 billion.

Shares fell $1.74, or 3.2 percent, to $52.80 in aftermarket trading. They ended the day up 90 cents at $54.54. The stock is down less than 1 percent since the beginning of the year.

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told t ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

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KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken in ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Raky ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hisham ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Sela ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compensa ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister D ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involvi ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Da ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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