These strong operational metrics translated well into financial performance. Specifically during the second quarter of 2012 net revenues grew 28% in U.S. dollars to $88.8 million, a 47% growth in local currencies. Gross profit margin was 73.1% versus 75.6% in the second quarter of 2011 and 74.8% in the first quarter of 2012 driven principally by the growth of our lower-margin Payments business.
Income from operations grew 48% to $31.9 million with an operating income margin of 35.9% versus 31.1% in the first quarter of 2011. In local currencies, operating income grew 66% year-on-year. Net income before income asset tax expenses grew 56% year-on-year to $35.1 million. In local currencies, pre-tax income grew 77%. Net income was $25.4 million, growing 71% year-on-year. This represents a 28.6% net income margin versus 21.4% a year earlier. When measured in local currencies, net income grew 91% year-on-year during the second quarter.
Now I would like to dive into further detail on how we achieved these results. Let me start with our core marketplace, which today represents approximately 70% of our revenues. Our rate of GMVe growth for the quarter, excluding the impact of foreign exchange, continued to be we believe above market rates.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV