Thanks to strong growth of its online payments business, eBay reported better-than-expected second quarter results yesterday.
Net income increased to $676 million from $640 million in the same quarter a year ago. Overall revenue climbed 13% to $4.37 billion, as eBay's payments business once again outgrew the company's core business, the marketplace, by a wide margin.
The PayPal unit now accounts for 45% of eBay's net revenue and is on track to become the company's main revenue source in the near future. eBay's marketplace business was hurt by a severe security breach in the past quarter, as a cyber attack left the company no choice but to ask its 145 million users to change their passwords.
Update: On September 30, eBay announced that it plans to spin off PayPal into a separate public company in 2015. How long will it take for PayPal to become the bigger company?
This chart shows ebay's revenue growth since the first quarter of 2012, broken down by segment.
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