eBay defies Q2 estimates to post $11m profit

NEWS Online auctioneer eBay has beaten earnings estimates to post an $11.6m profit for the second quarter. The results see eBay's online revenues rising by 130 per cent from the same period last year to $87.9m. The results continue a trend of profits for the company who recorded 5cents profits per share, above analysts estimates of 3 cents profits per share. eBay also increased its customer base by 183 per cent on the previous year - reporting 15.8 million users as of 30 June 2000. eBay CFO, Gary Beniger, welcomed the results and said they were powered by record sales on the site.