Is eBay's ( EBAY) stratospheric growth showing signs of fizzling? At least a partial answer to that question will come after the close Wednesday, when the Internet highflier reports first-quarter financial results. Two divisions that showed strong growth in the fourth quarter may not enjoy the same boost this time around due to currency fluctuations and more precise year-over-year comparisons in its PayPal unit. But overall, analysts are expecting eBay to post strong first-quarter results that could prompt the company to boost 2004 estimates for a second time. That doesn't necessarily mean the stock will jump, however, because high expectations are already priced in, and second-quarter guidance may prove conservative. "We're not looking for anything disappointing" from eBay, said Gary Farber, a partner with the hedge fund Nightingale & Farber. But high expectations for the first and second quarters are already priced into the stock, Farber said. His firm does not own eBay shares. A Google IPO, rumored to happen before the end of the month, would probably influence eBay stock more than its own first-quarter earnings report, Farber suggested. After eBay raised its 2004 guidance in January, analysts' first-quarter earnings per share estimate now sits at 24 cents -- 26 cents a share excluding charges -- on $716.3 million in revenue, according to Thomson First Call. For the full year, analysts are expecting eBay to pull in $1.01 a share in earnings -- $1.09 a share excluding charges -- on $3.078 billion in revenue, representing 49% earnings growth and 42% revenue growth. The company's heady price-to-earnings ratio -- at nearly 68 times 2004 earnings -- has turned some investors off eBay stock. Still, eBay shares have gained nearly 15% since its last earnings report in January. Shares fell $2.03, or 2.7%, to $73.97 on Tuesday.