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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: Technologyguy who wrote (4756)	4/27/1999 1:19:00 AM
From: Technologyguy	Respond to of 28311

The eBay results should help Internet stocks tomorrow. eBay Reports Profits Rise Tenfold 00:51 04-27-99 SAN JOSE, Calif. (Reuters) - Internet auction site eBay Inc. Monday reported that earnings in the first quarter rose tenfold amid sharp increases in two key benchmarks -- registered uses and the value of goods traded. San Jose, Calif.-based eBay said net income rose to $5.9 million, or 5 cents a share, from $569,000, or 1 cent, a year earlier. Wall Street analysts had expected earnings of 2 cents, according to First Call Corp., which tracks the data. Revenues rose more than fivefold to $34 million from $6 million a year earlier. Shares of the hotly traded eBay shot up $8.875 to $209 on Nasdaq Monday. Earlier Monday, eBay said it would buy fine-arts auction house Butterfield & Butterfield for $260 million in stock. eBay had about 128 million shares outstanding in the latest quarter compared to about 97.6 million a year earlier. eBay said the value of goods traded via its site for the current quarter rose 76 percent to $541 million from $307 million in the fourth quarter of 1998. The number of registered users rose about 75 percent to more than 3.8 million from more than 2.1 million at the end of the fourth quarter. eBay said it hosted more than 22.9 million auctions during the first quarter, up from 13.6 million in the fourth quarter of last year. ''This past quarter, we continued our efforts to bring a wider audience to eBay through a variety of marketing endeavors, including online and traditional advertising, grass-roots marketing, public relations and strong word-of-mouth referrals,'' eBay President Meg Whitman said in a statement. ''We also brought eBay to the international market with the launches of the U.K. and Canadian sites,'' Whitman said.