EBAY continues to derive the majority of its income from interest and other
income categories, not from operations. This should remain a cause for concern IMO.
eBAY INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1999 2000 1999 2000
Net revenues $49,479 $97,399 $92,280 $183,152
Cost of net revenues 10,945 23,643 18,922 46,915
Gross profit 38,534 73,756 73,358 136,237
Operating expenses:
Sales and marketing 22,916 32,814 39,874 66,754
Product development 5,476 11,929 7,639 23,048
General and
administrative 10,088 18,285 17,702 34,079
Amortization of
acquired intangibles 327 340 655 615
Payroll taxes on
option exercises -- 834 -- 1,735
Merger related costs 4,359 824 4,359 824
Total operating
expenses 43,166 65,026 70,229 127,055
Income (loss) from
operations (4,632) 8,730 3,129 9,182
Interest and other
income, net 6,039 11,252 6,314 21,642
Income before income
taxes 1,407 19,982 9,443 30,824
Provision for income
taxes (591) (8,392) (4,862) (12,946)
Net income $816 $11,590 $4,581 $17,878
Net income per share:
Basic $0.00 $0.05 $0.02 $0.07
Diluted $0.00 $0.04 $0.02 $0.06
Weighted average shares
Basic 213,710 251,075 204,686 244,463
Diluted 273,228 275,297 269,050 275,838 |
