EBay profit increases 11 percent in 1Q

SAN FRANCISCO -- EBay Inc. says its first-quarter profit rose 11 percent as consumers spent more on its main Web site and transferred more money through its PayPal payment service.

EBay said Wednesday that it earned $397.7 million, or 30 cents per share, in the first quarter. This compares with a profit of $357.1 million, or 28 cents per share, in the same period of 2009.

Excluding one-time items, the company earned 42 cents per share -- slightly better than the 41 cents expected by analysts polled by Thomson Reuters.

Revenue climbed 9 percent to $2.2 billion, matching analyst estimates.

However, the company predicted second-quarter adjusted earnings slightly below analyst forecasts.