PayPal’s Revenue Will Double by 2013, Thompson Says (Update1)
By Joseph Galante
Feb. 10 (Bloomberg) -- PayPal, the online-payment service owned by EBay Inc., will double its revenue to $6 billion to $7 billion by 2013, PayPal President Scott Thompson said today during a meeting with analysts.
PayPal is on its way to become EBay’s biggest business in three to five years, EBay Chief Executive Officer John Donahoe said at the event.
PayPal, which estimates its control of global online payments has grown to 18 percent now from 14 percent in 2008, says its early lead, fraud management, and relationships with more than 15,000 banking partners and networks globally put it ahead of challengers.
“No one comes close -- not the banks, not the telecos and not the startups,” Thompson said. “These competitors can claim any one of the capabilities we have, but no one comes close to the breadth we have.”
EBay, owner of the largest e-commerce marketplace, jumped the most in more than three months, climbing $2.42, or 7.6 percent, to $34.37 at 12:51 p.m. New York time in trading on the Nasdaq Stock Market. EBay is based in San Jose, California.
To contact the reporter on this story: Joseph Galante in San Francisco at Jgalante3@bloomberg.net
To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net
Last Updated: February 10, 2011 12:53 EST |
