EBay results please markets

The Ebay Group has posted very healthy profits of US$ 725 million for the first quarter of 2012 from US $619 million in the equivalent period in 2011. This also includes excellent figures from Paypal who contribute 40% of overall revenue, while increasing their client base by 12% to 110 million.

Paypal has also entered the battle to convert consumers from credit card and cash payments to paying by financially enabled smartphone, that has been well received in the US.

Ebay has increased it's forecast for the year and the group's share price, up over 15% this year, gained a further US$6 in after hours trading.