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EBay Q1 results top expectations; 2012 forecasts raised

EBay Q1 results top expectations; 2012 forecasts raisedThanks to the robust growth in EBay's Marketplaces and PayPal businesses, the e-commerce company reported on Wednesday that its sales and profit figures for the first quarter have surpassed expectations, and added that it has made an upward revision in its forecasts for 2012.

According to the statistics shared by EBay, the company's net income witnessed a 20 percent year-on-year increase in the first quarter to $570 million, or 44 cents per share; and its revenue leaped 29 percent to $3.3 billion.

The quarterly figures reported by EBay beat the earnings estimates shared by analysts polled by Thomson Reuters. The analysts had projected that the company would report earnings of 52 cents per share during the first quarter, with its revenue being $3.15 billion.

The quarterly results posted by EBay helped the company's increase 6.9 percent to $38.35 in extended trading, after touching $38.83, which marked the highest level for the EBay stock since late 2007. The company's stock has already gained over 15 percent thus far this year.

Apparently, EBay is positioning itself to become a force to reckon in the mobile retailing arena, with the company witnessing a sustained turnaround of its Internet marketplace as well as the increasing popularity of its PayPal online payment system.

Noting that EBay's PayPal and Marketplaces were both "very healthy in the quarter," analyst Colin Sebastian - of Robert W. Baird & Co - said: "It's not every quarter that you see both doing well."