EBay Restates Quarterly Profit To Reflect Lower Income Tax
EBay Inc (EBAY.O) raised its reported fourth-quarter net income by $87 million to reflect a reduction in income tax expense.
The e-commerce company said the reduction of tax was due to an intercompany transaction that took place in December.
After adjustment, eBay's net income rose to $1.02 billion from $936 million in the quarter ended Dec. 31. EBay reported its quarterly results on Jan. 21.