FINANCE

Revenues soar at eBay

BY Staff Writer

San Jose, Calif. — eBay announced that revenue for the fourth quarter ended Dec. 31 increased 35% to $3.4 billion, compared with the same period of 2010. The company reported fourth quarter net income on a GAAP basis of $2 billion, or $1.51 per diluted share, and non-GAAP net income of $788.6 million, or 60 cents per diluted share. The year-over-year increase in the fourth quarter GAAP earnings per diluted share was driven primarily by a gain on the sale of the company’s remaining investment in Skype. The year-over-year increase in the fourth quarter non-GAAP earnings per diluted share was driven primarily by strong top-line growth and improved productivity partially offset by a higher tax rate.

For the full year, revenue increased 27% to $11.7 billion, compared to 2010. The company generated net income on a GAAP basis of $3.2 billion, or $2.46 per diluted share, and non-GAAP net income of $2.7 billion, or $2.03 per diluted share.

“We had a strong fourth quarter finish to an excellent year, increasing our confidence in our three-year outlook,” said eBay Inc. president and CEO John Donahoe. “Across eBay, PayPal, GSI and X.commerce, we have a robust portfolio of global commerce platforms and innovative mobile, local and social commerce technology assets. We are well-positioned to compete in the emerging new retail environment, and to help retailers of all sizes grow and engage their customers anytime, anywhere. We are a different eBay today, no longer just an ecommerce leader but a stronger, more diverse global commerce company shaping the future of shopping and payments.”

The company said it expects net revenues for the first quarter of 2012 to be in the range of $3.05 billion to – $3.15 billion with GAAP earnings per diluted share in the range of 37 cents to 38 cents and non-GAAP earnings per diluted share in the range of 50 cents to 51 cents.

Full year 2012, eBay expects net revenues in the range of $13.7 billion to $14 billion with GAAP earnings per diluted share in the range of $1.76 to $1.81 and non-GAAP earnings per diluted share in the range of $2.25 to $2.30.

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OPERATIONS

J.C. Penney to announce big changes on Jan. 25

BY Marianne Wilson

Dallas — J.C. Penney Co. will host a two-part launch event where senior management will outline its much-anticipated plan of transformation on the mornings of Jan. 25 and Jan. 26 in New York City.

The event begins on Jan. 25 at 9 a.m. ET with a presentation from CEO Ron Johnson and president Michael Francis scheduled to conclude by 11 a.m. ET. It will be followed the next day, Jan. 26, by a financial presentation from COO Michael Kramer that begins at 9 a.m. ET. The Jan. 26 event will conclude at 10:30 a.m. ET following a question and answer session with senior management.

Both meetings will be available via a real-time webcast. The webcast may be accessed through J.C. Penney’s investor relations page at http://ir.jcpenney.com.

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News

Next great product soon to hit Walmart shelves

BY CSA STAFF

SAN BRUNO, Calif. — Walmart is offering consumers the chance to get their product sold on Walmart.com and in Walmart stores in its new contest, "Get on the Shelf."

The nationwide contest is the latest announcement from @WalmartLabs and similar to the popular American Idol television show, contestants will create videos of their latest inventions and the public will vote online for the winners.

A two-round public voting process will determine the top three products to be sold on Walmart.com.The grand prize winner’s product will be sold on Walmart.com and featured on the site’s home page, and also get valuable shelf space in select Walmart stores across the country.

"Walmart has the best products at everyday low prices but we know there are some great undiscovered products that have not yet reached our shelves," said Venky Harinarayan, SVP Walmart global e-commerce and co-head of @WalmartLabs. "For a long time, the ability to get a product into a retail store was at the sole discretion of the store buyer.Today, we are removing these barriers by giving anyone a chance to launch their product at Walmart and reach millions of shoppers nationwide."

The contest opened with a sneak preview a few weeks ago and already has nearly 60 entries including a new hot sauce, cube game, hair accessory, iPad pillow and paw puffs for dogs from individuals across the country.

Contestants can submit an entry video at http://GetOnTheShelf.com until Feb. 22 when the submission round ends. Videos will be screened for appropriateness before posting them to the site. The first round of voting will take place March 7 through April 4 at which point the top 10 finalists will be announced. The second round of voting will take place April 11 to 24, at which point the top three contestants and grand prize winner will be announced.

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