Thanks to strong growth of its online payments business, eBay reported better-than-expected second quarter results yesterday. Net income increased to $676 million from $640 million in the same quarter a year ago. Overall revenue climbed 13% to $4.37 billion, as eBay’s payments business once again outgrew the company’s core business, the marketplace, by a wide margin.
The PayPal unit now accounts for 45% of eBay’s net revenue and is on track to become the company’s main revenue source in the near future. eBay’s marketplace business was hurt by a severe security breach in the past quarter, as a cyberattack left the company no choice but to ask its 145 million users to change their passwords.
Update: On September 30, eBay announced that it plans to spin off PayPal into a separate public company in 2015. How long will it take for PayPal to become the bigger company?
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