Profits at eBay double as international sales soar 76%

LONDON - EBay has seen international sales soar by 76%, contributing to a doubling in profit for the second quarter of the year to $190.4m.

The online auction company said that international net revenues reached $273.7m (£148.8m) for the three months ending June 30, while total sales hit $773.4m -- a 52% jump on last year.

The company also said that it plans to invest "significantly" in the international expansion of its online payment system PayPal, product development, as well as sales and marketing in the UK and internationally. It has already hired the advertising agency DLKW and media agency PHD ahead of its first major offline marketing push.

The business said the categories that delivered gross merchandise sales of $1bn or more included motors, consumer electronics, computers, and clothing and accessories.

Meg Whitman, president and CEO of eBay, said: "Q2 was another great quarter for eBay, and we're more confident than ever in the long term potential of our business."

She added: "In light of our typical seasonality, we continued to gain momentum thanks to the enormous dedication of our global community."

Along with its financial results, EBay said it had settled a patent dispute with AT&T that began last November. AT&T sued eBay and PayPal for infringing its patent for a payment processing system, claiming that its patent covered the use of a trusted third party to complete a transaction over a communication system, such as the internet. The terms of the settlement remained undisclosed, though eBay said it believed the settlement would not affect its financial results or cash flows.

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