eBay soars on revenue boost

NEWS Predictions that eBay will grow revenues by nearly 50 per cent on last year sent the company's share price upwards by six per cent. Morgan Stanley is expecting the company's full-year profits to be $1.1bn, up by 40 per cent on the previous year. By 2003 the figure is expected to be $1.6bn. Analysts believe eBay is just at the start of a growth cycle and will benefit from a growing number of market and increased efficiencies within existing markets. The brokerage company has raised its eBay rating to "strong buy" from "outperform." Overnight, shares in the online auction site closed up six per cent at $2.94.