Stock Trading News : EBay Shares Skyrocketing on Solid Q4 Earnings

Shares of online Retail Giant, eBay Inc. (NASDAQ:EBAY) are soaring 7.30% to $23.85 in the morning session after the company reported strong growth in its fourth quarter net income at $1.35 billion, driven by strong performance at PayPal payment operations and its core auction business. In the year-ago period, net income stood at $367 million, eBay said in a statement.

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Net revenues increased 16 per cent to $2.37 billion in the fourth quarter of 2009, which includes revenue of $112 million from its telephone unit Skype.

Excluding Skype, revenue growth would have been 19 per cent. In November, following a dispute with Skype's founders, eBay sold 70 per cent of it to an investor group, retaining the remaining 30 per cent equity with itself.

The payments business, which includes PayPal operations reported $795.6 million in revenue for the quarter, an increase of 28 per cent year-over-year.

The company's marketplace business unit, which consists of eBay, Shopping.com, StubHub, Kijiji and other e-commerce sites, recorded $1.5 billion in revenue for the quarter, a 15 per cent year-over-year increase.

In its outlook, eBay said it expects net revenues in the range of $2.1 billion to $2.2 billion in the first quarter of 2010.

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