02 February, 2018
At the time, the two services seemed to be well-paired with eBay controlling the lion share of the online auction market while PayPal was the top player in online payment processing.
People buying items on eBay will be able to pay without leaving its website, and sellers will have lower processing costs, the online giant said in a blog post.
Other analysts, however, said PayPal, which has been eBay's preferred provider for the past 15 years and will remain a payment page option on the platform for the foreseeable future, had the scale to ride out the blow.
The shift will start gradually in North America later this year and eBay expects most marketplace customers around the world to be using the new system in 2021. Analysts surveyed by Zacks had expected revenue of $2.39 billion.
EBay said it would move as quickly as possible to complete the transition within the parameters of its deal with PayPal, which remains in place through mid-2020.
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EBay said it would take a $1.9 billion tax charge related to the repatriation of its foreign earnings, though the charge would largely be offset thanks to accounting from years earlier. But that's slower growth than other parts of PayPal's operations, which means that eBay makes up a decreasing portion of the tens of billions of dollars of payments the company processes.
"The planned evolution of our relationship with EBay is consistent with our strategic direction and growth opportunities and does not alter our financial guidance", PayPal spokeswoman Amanda Miller said.
Dutch fintech company Adyen will become eBay's primary payments processor under the plan, which seeks to have more transactions conducted directly on eBay's sites. After that, eBay said PayPal will still remain an important partner.
EBay, which reported earnings on Wednesday, brought in $2.61 billion in revenue during its latest quarter. Earnings excluding some costs were 55 cents a share, compared with the average forecast for 52 cents.
Gross merchandise volume, a key metric of the value of goods sold on the site, rose 10 percent to $24.4 billion in the fourth quarter, the company said Wednesday, as the number of active buyers on the platform increased.