eBay surges after strong earnings, CEO lauds mobile

Shares of eBay were up 8.5 percent at just below $44 Thursday after the web retailer reported stronger-than-expected revenue and earnings.

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Ebay said revenue for its second quarter ended June 30, 2012, increased 23 percent to $3.4 billion from the $2.8 billion it saw in the same period of 2011. Over the same time frame net income jumped 144 percent, from $283 million in the second quarter of 2011 to $692 million in this year’s second quarter.

John Donahoe, President and CEO eBay, appeared on CNBC to discuss the results.

He also explained how eBay’s PayPal payments unit is driving company growth.

The growth of mobile is “changing the commerce game,” he said.

Last year, of the $10 trillion spent on retail transactions in the United States, in over half of the purchases the consumer accessed the web at some point during the shopping experience, Donahoe said. And increasingly the web browsing is being done on a mobile device, he added.

Today, with almost everyone owning a smart phone, “our consumers are engaging with our product at home, at work, on the sidewalk, at stores,” he said, adding that within three years he believes the traditional wallet with go away and consumers will use their smart phones to both browse and pay for purchases online.

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