eBay Q1 profit slides 11 pc to $500 mn

NEW YORK: Leading online marketplace eBay has posted a 11 per cent fall in the first quarter profit at $500 million as compared to the year-ago period, amid challenging economic conditions.

For the three months ended March 2009, the entity recorded a profit of $500 million as against $562 million in the same period a year ago.

In a statement, eBay said its revenues for the first quarter stood at $2.02 billion. On an year-over-year basis, the fall is about $171.6 million.

"We delivered solid results in the first quarter and moved aggressively to strengthen our portfolio for longer-term growth," eBay Inc's President and Chief Executive Officer John Donahoe said.

"With a macroeconomic environment that remains challenging, we are focused on operating discipline and strong execution of our three-year growth priorities in our core ecommerce and online payments businesses," Donahoe noted.

eBay has a significant presence in India with hundreds of people using the online marketplace.