EBay Incorporated (EBAY) presented its sales and profit profile which breached the estimates of analysts. According to the biggest Internet marketplace, the earnings were pushed up by its campaign to promote its expanded retail offerings and wider reach of Paypal online payments service. There was a 35 percent increase in revenue during the fourth quarter, reaching at $3.4 billion, which is above the mean estimate of analysts at $3.3 billion, culled from Bloomberg.
John Donahoe, EBay CEO, who aspired to lift the stock price since he assumed office in 2008, revealed the company increased spending by 25 percent last year to refine its technology to win back its patrons which were lured previously by its leading competitor.
Priced slightly above $31, Ebay will be looking to challenge the $35 level once again soon, after several unsuccessful attempts to breach the said price in 2011.