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EBay Shares Jump 46% on Profit Optimism

October 27, 1998|Bloomberg News

EBay Inc. shares surged 46% on optimism that the online auctioneer's third-quarter earnings report today will beat analysts' estimates. EBay shares, first sold to the public Sept. 24 at $18 each, rose $23.25 to close at $73.38 on Nasdaq. The surge sent EBay's market value rocketing to more than $2.9 billion and made its founder, Pierre Omidyar, a billionaire. The company is expected to earn 3 cents a share for the quarter, the average estimate of five analysts polled by First Call Corp. EBay's revenue is expected to soar as people flock to its Web site to buy, sell and trade everything from Beanie Babies to PCs to cars--a market in secondhand goods estimated at $180 billion annually. San Jose-based EBay charges listing fees and takes a percentage of the sale price for any items sold. BancBoston Robertson Stephens analyst Lauren Cooks Levitan said she expects EBay's third-quarter sales to be $10.1 million, compared with $1.5 million a year ago.

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