EBay Profit Boosted by PayPal, Foreign Sales
EBay said second-quarter profit rose 53 percent compared with the same period a year ago, to $291.6 million, lifted by sales gains overseas and at its PayPal service. Revenue increased 40 percent, to $1.09 billion. The results surpassed analysts' expectations, and the San Jose, Calif.-based company raised its earnings outlook for the rest of 2005.
In the past year, chief executive Meg C. Whitman expanded eBay into foreign countries including India and invested more in China. She also expanded PayPal internationally and offered new products for businesses.
MERGERS & ACQuISITIONS
Terabeam to Buy Network Equipment Maker
Terabeam Wireless of Falls Church has agreed to pay $28 million for Proxim, a maker of wireless-networking equipment that filed for bankruptcy protection last month. Proxim has $55.3 million listed in assets and $101.8 million in debt. Terabeam, the business name of YDI Wireless, supplies high-capacity wireless networking gear to phone companies.
Acxiom Rejects ValueAct Bid
Database services provider Acxiom said its board unanimously rejected ValueAct Capital's acquisition bid. The investment firm last week offered to take Acxiom private for $23 per share, or about $2 billion. Acxiom described the ValueAct bid as "wholly opportunistic and an attempt to capitalize on recent revenue shortfalls."
Compiled from staff and news service reports.