EBay Posts Loss Q3 2007

EBay has reported a loss for Quarter 3 2007, citing a $1.39 billion writedown on the purchase of Web-based phone service Skype for the lowered numbers.

The world’s largest online auctioneer and payments company reported a third-quarter net loss of $936 million, or 69 cents per diluted share, compared with a profit of $281 million, or 20 cents per diluted share, in the year-earlier quarter.

Excluding the writedown and other one-time items, eBay’s adjusted profit was $564 million, or 41 cents per diluted share, representing a 53 percent rise over a year ago.

Wall Street analysts, on average, had been looking for a profit, excluding the Skype writedown and some one-time items, of 33 cents per share, according to Reuters Estimates.

Shares of the stock were up by the end of the day in the anticipation of solid results in their core business. The stock has risen 35% so far this year.

Yahoo News

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