eBay’s stock closed out the day strong at $65.65 per share after a solid earnings report earlier today. The rise in stock price comes a day ahead of PayPal’s official split from eBay.
In Q2 PayPal earned revenue of $2.3 billion, up from $2.1 billion last quarter, and grew its customer base to 169 million (thanks in part to its acquisition of international money service Xoom).
“I am pleased with PayPal’s strong second quarter results. We continue to gain share globally in an incredibly dynamic market and I’m especially proud of our deepening engagement with our customers. As an independent company we will continue to lead the transformation of the payments industry by giving people better ways to move and manage their money,” said PayPal president Dan Schulman in a statement.
Those figures are in keeping with expectations for eBay’s payment processing division. Many see PayPal as the strongest of eBay’s properties. But today’s earnings show that eBay may be fine on its own.
eBay’s marketplace earned revenue of $2.1 billion, a 2 percent decline year over year, but a slight increase from last quarter. eBay also increased the number of active buyers on its platform 6 percent and cut 2,400 jobs last quarter. Most importantly, it sold its enterprise business for $925 million.
The company has been cleaning house ahead of its move to split off PayPal, and it may have paid off.
PayPal will debut on the Nasdaq Monday under its former symbol, PYPL.