Paypal still driving eBay profits

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Nairobi Star (Nairobi) William Njuguna 27 April 2011 Kenya's 4x400m men's relay team leaves today for USA to compete at the Penny relays in Philadelphia on April 30. The team which has already qualified for the 2011 Daegu world athletics championships will comprise Geoffrey Ngeno, Julius Kirwa, Mark Muttai, Moses Kerich and Stephen Barasa

27 April 2011 Last updated at 23:20 ET

Internet auction giant eBay has reported a sharp rise in quarterly profits thanks in large part due to strong growth at its Paypal division.

Net income for the first three months of the year was $476 (£286m), a 20% rise on the $398m recorded a year earlier. Revenue rose 16% to $2.55bn.

EBay is coming to the end of a three-year plan to revitalise its business.

“The year is off to a strong start,” said the group’s chief executive John Donahoe.

“In the first quarter, Paypal continued to drive strong growth globally, eBay sharply accelerated growth in the US and we announced several acquisitions that we believe will enhance our leadership and innovation in commerce and payments,” he added.

The number of Paypal accounts grew by 16% on a year earlier, the company said, while sales volumes excluding vehicles at its online marketplace grew by 8% to $14.5bn.

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Paypal still driving eBay profits