EBay reported solid revenues in the second quarter, and much of the company’s upward momentum these days is coming from PayPal.
The auction site reported that revenue grew 13 percent to $4.4 billion for the second quarter of 2014, a 13 percent increase over the same quarter last year.
But a big chunk of eBay’s revenue came from PayPal. It alone turned in $1.9 billion in the second quarter.
PayPal’s net total payment volume grew 29 percent, with Merchant Services volume up 35 percent and on-eBay payment volume up 13 percent.
EBay also says PayPal picked up 4 million new active registered accounts to end the quarter at 152 million, up 15 percent. CEO John Donahoe said PayPal showed “strong enabled commerce volume growth of 26 percent” in a statement.
“PayPal generated another strong quarter while eBay’s growth was hampered by its global password reset for all users,” Donahoe said. “We delivered new experiences for PayPal and eBay customers, extended PayPal and eBay into new markets, made it simple and easy for developers to integrate PayPal and offered new ways to help merchants grow.”
Ebay’s non-GAAP earnings increased to $868 million, or 69 cents per diluted share. That beat consensus analyst expectations by a penny.
Ebay stock was up 19 cents (.23 percent) at $50.70 in after hours trading at the time of this report.