Ebay posts first-ever sales drop
The US recession took its toll on online auction site eBay in the fourth quarter.
The web retail pioneer reported Wednesday that net income declined 31 per cent to 367 million dollars, or 29 cents a share, compared to the year-ago quarter. The company also saw its first drop in sales in 10 years as revenue fell 7 per cent to 2.04 billion dollars.
However, it remained the most visited retail site on the web with 84.5 million visitors, though the traffic count represented a drop of 4 per cent over the year-ago quarter.
For the full year, eBay reported net income of 1.78 billion dollars on sales of 8.54 billion dollars, compared with net income of 348 million dollars on sales of 7.67 billion dollars in 2007.
"While the holiday season was tough and competitive, our overall results for 2008 were strong," eBay chief executive John Donahoe said in a statement. "We will build on our strengths in 2009 while managing our business prudently in the continued challenging environment."
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