Shares of eBay (Nasdaq: EBAY) continued to add to an all-time high in early trading today, climbing 8-3/16 to 217-3/16. The stock actually opened at 233-7/8. On Monday, eBay dazzled Wall Street after the bell by announcing first-quarter results that beat analysts’ estimates by three cents a share. eBay earned five cents a share as profits rose to $7 million (US$), up from just $569,000 for the same period last year.
eBay generated net revenues of $34.0 million in the first quarter, a 469 percent increase over the $6 million for the same period last year. Also significant was the increased activity on the site. The value of items sold on eBay in the first quarter was $541 million, up 76 percent from the $306 million reported in the fourth quarter of 1998. eBay is growing rapidly, with more than 3.8 million registered users on March 31, an increase of about 75 percent from the more than 2.1 million registered users at the end of 1998.
Despite Amazon.com’s (Nasdaq: AMZN) recent move into online auctions, eBay place at the top of the online auction arena looks rather secure for now.