EBay takes 1st quarter loss on tax charge

Source: AP-Excite

By MAE ANDERSON

NEW YORK (AP) — EBay recorded a loss in the first-quarter due to a hefty tax charge on foreign earnings, but revenue jumped in part because of its thriving PayPal payments business.

Adjusted results beat expectations but the company offered weak second-quarter guidance and shares fell 4.2 percent in aftermarket trading.

The results come as PayPal, which eBay bought for $1.3 billion in late 2002, gained 5.8 million new active registered accounts to end the quarter up 16 percent to 148 million.

The business is now growing faster than the company's core marketplaces business: Payments revenue rose 19 percent to $1.85 billion, about 43 percent of total revenue. Meanwhile, its core marketplaces revenue rose 10 percent to $2.16 billion.

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