ebay inc (EBAY) Key Developments
The R. Rex Parris Law Firm Files Claims Against eBay and PayPal
Aug 20 15
The R. Rex Parris Law Firm has filed claims against eBay® and PayPal® and various eBay Sellers in Federal Court under the Racketeer Influenced and Corrupt Organizations Act and the Lanham Act claiming the defendants knowingly and deliberately facilitate, proliferate and profit from the ongoing sale of counterfeit and fake products on ebay.com. The detailed 106 page lawsuit asserts that because eBay and PayPal cannot continue to enjoy the enormous profits derived from the proliferation of counterfeit and fake products sold on the eBay website if the intentional infringing sellers are excluded, eBay's policies and practices are designed to, among other things, promote the unlawful activities of its unauthorized sellers by soliciting eBay buyers to purchase fake products knowingly using listings that infringe on registered trademarks, conceal and protect the identity of the sellers who are responsible for intentional trademark infringement on the eBay website, and ignore evidence of the unlawful activities by its unauthorized sellers. According to the Complaint, to avoid liability, eBay's policies and practices are designed to manufacture the false optic that it does not know or suspect the rampant and on-going advertising on ebay.com of fake products that infringe on the trademarks' of legitimate rights holders, such as Plaintiff. According to the complaint, 'Plaintiffs are informed and believe that even more shocking is that consumers actually receive email notifications and eBay webpages from eBay encouraging the purchase of known counterfeit and fake products. When confronted on the counterfeit purchases, eBay directs consumers to mail counterfeits back to the seller as a mandatory condition for a refund. Returned counterfeits are easily recycled, re-listed and re-sold to unsuspecting consumers, and the buyer loses their only evidence of receiving a counterfeit'.
eBay Looks to Sell Stake In Snapdeal
Aug 18 15
eBay Inc. (NasdaqGS:EBAY) is looking to sell about one-third of its stake in the next funding round of Jasper Infotech Private Limited (Snapdeal), three people familiar with the plan said on August 17, 2015.
eBay Inc.(NasdaqGS:EBAY) dropped from S&P 100 Index
Jul 20 15
eBay Inc.(NasdaqGS:EBAY) dropped from S&P 100 Index
eBay Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Full Year 2015; Provides Earnings Guidance for the Full Year 2015
Jul 16 15
eBay Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue of $4.38 billion, up from $4.10 billion in the same period last year. Income from operations was $741 million against $854 million a year ago. Income from continuing operations before income taxes was $867 million against $864 million a year ago. Income from continuing operations was $682 million against $720 million a year ago. Net income came in at $83 million, versus $676 million last year. Non-GAAP net income was $931 million, up from $883 million last year. On a basic and diluted per-share basis, earnings came in at $0.76, versus $0.70 last year. Net cash provided by operating activities was $1,156 million against $1,494 million a year ago. Purchases of property and equipment were $421 million against $236 million a year ago. Total non-GAAP operating income was $460 million against $223 million a year ago. Non-GAAP net income from continuing operations was $931 million against $883 million a year ago. Free cash flow from continuing operations was $688 million against $1,238 million a year ago.
For the six months, the company reported net revenues of $8,549 million against $8,100 million a year ago. Income from operations was $1,541 million against $1,780 million a year ago. Income from continuing operations before income taxes was $1,676 million against $1,785 million a year ago. Income from continuing operations was $1,353 million against loss from continuing operations of $1,575 million a year ago. Net income was $709 or $0.58 per basic and diluted share million against net loss of $1,650 or $1.30 per basic and diluted share million a year ago. Net cash provided by operating activities was $2,307 million against $2,668 million a year ago. Purchases of property and equipment were $720 million against $421 million a year ago.
The company provided earnings guidance for the full year 2015. The company sees revenue growth of 3% - 5% versus last year. It sees non-GAAP earnings per diluted share in the range of $1.72 - $1.77. GAAP diluted EPS of $1.40 - $1.45.
Auction Acceleration Corporation Enters into Settlement and License Agreement with eBay, Vendio and Auctiva
Jul 15 15
ITUS Corporation announced that its wholly owned subsidiary, Auction Acceleration Corporation ("AAC"), has entered into a settlement and license agreement with eBay, Inc., Auctiva, LLC, and Vendio Services, LLC. The settlement and license agreement resolves a lawsuit between the parties that was filed on September 8, 2014 in The United States District Court for the Northern District of California, which will be dismissed. AAC owns the rights to patents that cover presentation and cross selling technologies enabling auction sellers to cross-sell and upsell additional items to interested buyers, resulting in incremental sales and higher yields per transaction.