By Kate Hanaghan, 16 January 2002 11:30
NEWS News that eBay will see an even better than expected 2002 seemed to go down like a lead balloon as New York traders responded by taking a knife to the auction site's share value. Fourth quarter results show profits up nine per cent with a 64 per cent increase in revenue. Figures in Q4 2001 saw revenue of $134m compared with $219.4m in Q4 2002. Christmas sales helped the company beat expectations and achieve its 13th consecutive profitable quarter since its IPO in 1998. But in response to speculation that this kind of performance is not perpetually sustainable, Wall Street turned against eBay. eBay shares closed up 1.4 per cent, but in after hours trading traders sunk their teeth into the auction site slicing more than five per cent from its value, dragging it down to $60.65.
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