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EBay Inc. Reports Second Quarter Results

Global commerce platform and payments leader eBay Inc. (NASDAQ: EBAY) today reported that revenue for the second quarter ended June 30, 2014 increased 13% to $4.4 billion, compared to the same period in 2013. GAAP earnings increased to $676 million or $0.53 per diluted share, and non-GAAP earnings increased to $868 million or $0.69 per diluted share driven by strong enabled commerce volume growth.

eBay Inc.’s commerce ecosystem continued to gain share, with total company enabled commerce volume (ECV) increasing 26% in the second quarter to $62 billion. Mobile ECV advanced 68% to $12 billion representing 20% of volume. Mobile downloads since inception were 260 million and attracted 6.6 million new customers in the quarter. Cross-border trade grew 26%, representing $13 billion, or 22%, of total company ECV.

“In a challenging second quarter, our commerce and payments platforms delivered strong enabled commerce volume growth of 26 percent," said eBay Inc. President and CEO John Donahoe. “PayPal generated another strong quarter while eBay's growth was hampered by its global password reset for all users. We continued our momentum in the four competitive commerce battlegrounds of mobile, local, global and data. We delivered new experiences for PayPal and eBay customers, extended PayPal and eBay into new markets, made it simple and easy for developers to integrate PayPal and offered new ways to help merchants grow.”

PayPal net total payment volume (TPV) grew 29% with Merchant Services volume up 35% and on-eBay volume up 13%. Revenue grew to $1.9 billion. PayPal gained 4.0 million new active registered accounts to end the quarter at 152 million, up 15%. Global on-eBay penetration increased to 79.8%. PayPal signed a deal with GE to extend its relationship offering a dual branded retail credit card and committed to purchase the loan portfolio in 2016 for an estimated $1 billion, based on the size of the portfolio at that time. This provides PayPal with flexibility to expand its credit offerings to consumers and merchants while improving its ability to manage transaction expense and reinvest back into the business to accelerate payment volume growth.

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