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Technology Stocks : eBay - Superb Internet Business Model -- Ignore unavailable to you. Want to Upgrade?

To: Nelson Chang who wrote (4252)	7/26/1999 5:19:00 PM
From: Doug Fowler	Read Replies (3) \| Respond to of 7772

That is correct, which is why this is such a bad report for eBay. I am bothered by the fact that they increased their registered users by 46 percent, but could only translate that to a 24 percent increase in revenues (and THAT number is counting the $3.9M they gave back as revenue. If you leave that number out, eBay only increased auction revenues 12 percent!!!). Not only that, but the extra $11M in revenues they got from the acquisitions was FLAT with last year. So, 22 percent of their business is stagnant, with the other 78 percent experiencing much slower growth. eBay does not deserve its market cap.