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Online marketplace, Ebay, has declared record latest- quarter profits due to a massive surge in its European popularity. New residential and business users in Britain and Germany have boosted revenue and earnings for the internet auction company, which has surpassed all Wall Street predictions. Latest figures show revenue is up by 59 per cent, to $756.2m(£427.9m) instead of $476.5m(269.6m)- taken in the first quarter. Earnings experienced a 92 per cent increase to $200.1m (£113.2m) from $104.2m(£59m), the year earlier. Ebay said its ongoing success-story since1998 was based on the company’s global reach coupled with its diversity of service. "E-commerce is becoming more main stream everyday- and Ebay has become a primary shopping destination for nearly every kind of item," said Meg Whitman, Ebay’s chief executive. "While Germany remains the company’s biggest overseas market, the UK is catching up fast, with France at an earlier stage of development." Italy and Spain are expected to follow suit with Korea, Taiwan and China planned for 2005. In the US, Ebay recently launched a partnership with the Small Business Administration (SBA), to foster enterprise and to offer technical and start-up support. Such measures for business boost the chance of profitable growth in the Asia-Pacific region, where ebay already fiercely contends with internet rival, Yahoo! A spokesperson for the SBA commented on the options for enterprise: "Ebay puts the smallest of small businesses on a money trading platform. We’ll be teaching the users of the technology, so small businesses can become self-sufficient." An estimate taken in January of this year, found 150,000 Americans already make a living on ebay – with some earning seven-figure revenues. Given the fresh trading results, Ebay revenue in 2004 is now expected at $3.15bn(£1.78bn) - an increase of $150m(£84.9m). Apr 23, 2004 Email this article Printer friendly page Previous Page
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