At the revelation of its second quarter results, eBay CEO John Donahoe admitted that a cyber attack has had its impact on the sales platform's results.
"Focus now on recovery"
The majority of eBay's users were forced to change their password several months ago because of a hack and according to the CEO, that has had a negative effect on the second quarter sales. "The focus is now on recovery", Donahue said.
The results are nevertheless pretty much in line with forecasts as it reached a 4.37 billion dollar turnover (3.23 billion euro), 13 % higher than the previous year. Profit was also higher than anticipated, namely 868 million dollars (640 million euro), 6 % higher than the 822 million dollars (610 million euro) it managed the year before.
Large PayPal growth
Donahue said 85 % of eBay users changed their password, but a number among them have been less active ever since. Net turnover rose 9 % to 2.17 billion dollars (1.6 billion euro), but it pales in comparison with PayPal's growth, where net turnover grew 20 % to 1.95 billion dollars (1.4 billion euro).
The cyber attack has forced eBay to lower its 2014 forecast by 200 million dollars (150 million euro) to an estimated turnover of 18 to 18.3 billion dollars (13.3 to 13.5 billion euro). Its third quarter turnover is estimated to become 4.3 billion dollars (3.2 billion euro).