Payments business drives eBay’s profit beat

April 22, 2015 10:51 PM

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(Reuters) – E-commerce company eBay Inc reported a quarterly profit well ahead of Wall Street estimates as revenue from its payments business rose 14 percent, and said it will spin off its key electronic-payment business PayPal in the third quarter.

PayPal said in April it would continue charging eBay merchants less than it does other merchants and the two companies would stay interdependent for the next five years.

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