EagleTed
05-03-2003, 05:12 PM
http://www.businessweek.com/technology/content/apr2003/tc20030430_3074_tc055.htm
The eBay bulls had another run of delightful news on Apr. 22, when the online auctioneer unveiled more muscular numbers for the quarter ending Mar. 31. Profits soared 119%, to $104 million, vs. the same period a year ago. Meg Whitman & Co. clocked earnings of 32 cents per share, beating Street estimates by 4 cents, excluding one-time charges. Revenue rose 94%, to $477 million, year-over-year. Plus, eBay (EBAY ) raised its annual revenue forecasts by $150 million, to $2.05 billion, despite lingering economic uncertainties. Its shares rose 5% on the news and closed at an impressive $93.61 on Apr. 28.
...[however...]
From 1998 to 2002, Meyer calculates, eBay tallied a stock-based compensation cost of $558 million, including the change in the 2002 10K that added $127 million in options costs. During that same period, eBay's declared net income was $389 million. So, if eBay had to expense all those options for that prior period based on its current valuing method, its bottom line would go from a $389 million gain for the five-year period to a $169 million loss.
The eBay bulls had another run of delightful news on Apr. 22, when the online auctioneer unveiled more muscular numbers for the quarter ending Mar. 31. Profits soared 119%, to $104 million, vs. the same period a year ago. Meg Whitman & Co. clocked earnings of 32 cents per share, beating Street estimates by 4 cents, excluding one-time charges. Revenue rose 94%, to $477 million, year-over-year. Plus, eBay (EBAY ) raised its annual revenue forecasts by $150 million, to $2.05 billion, despite lingering economic uncertainties. Its shares rose 5% on the news and closed at an impressive $93.61 on Apr. 28.
...[however...]
From 1998 to 2002, Meyer calculates, eBay tallied a stock-based compensation cost of $558 million, including the change in the 2002 10K that added $127 million in options costs. During that same period, eBay's declared net income was $389 million. So, if eBay had to expense all those options for that prior period based on its current valuing method, its bottom line would go from a $389 million gain for the five-year period to a $169 million loss.