eBay says its net profit more than tripled

Internet auctioneer eBay Inc said Thursday its net profit more than tripled in the fourth quarter of last year as revenues surged.

"Our fourth quarter capped our most successful year ever," said eBay president and chief executive Meg Whitman.

Net profit surged to US$87 million or 28 cents a share in the three months to Dec. 31, up 235 percent from the US$25.9 million or nine cents a share a year earlier.

Revenue rose 89 percent to US$413.9 million.

"Our success goes hand in hand with the success of our vibrant community of users. The strength of our community, the growth of e-commerce and our commitment to business excellence all led to these great results."

For the full year last year, eBay said its revenues rose to US$1.21 billion from US$748 million a year earlier. Net profit rose to US$249.9 million in 2002 from US$90.4 million in 2001.

In 2003, eBay said its revenues could rise to as high as US$1.9 billion.

Broken down, it forecast US$440 million in revenue in the first quarter of 2003, US$460 million in the second quarter, US$480 million in the third and US$520 million in the fourth.