China considers same tax rate for domestic, overseas firms (AFP)
AFP - Chinese lawmakers have mulled a draft law that would impose a 25 percent income tax on both domestic and foreign firms, eliminating the preferential rate for overseas companies, according to state media.
EBay warns on full year revenue, shares fall (Reuters)
2008.10.1635 minutes ago
SAN FRANCISCO (Reuters) - EBay Inc (EBAY.O) warned on Wednesday that its full-year revenues would fall below its previous forecast as the Internet company restructures to reinvigorate growth in its main online auctions business.
The company's shares fell 12 percent in extended trading.
EBay reported a third-quarter net profit of $492 million, or 38 cents per share, from a year-earlier loss of $936 million, or 69 cents per share, when it took a $1.4 billion write-down for its Web telephone service Skype. Total revenue rose 12 percent to $2.12 billion.
On an adjusted basis, earnings were 46 cents per share.
That was above the average Wall Street estimate of 41 cents per share on revenue of $2.12 billion, according to Reuters Estimates.
For the fourth quarter, San Jose, California-based eBay expects adjusted earnings per share of 39 cents to 41 cents on revenue of $2.02 billion to $2.17 billion. For the full year, eBay expects revenue of $8.53 billion to $8.68 billion, below its previous estimate of $8.8 billion to $9.05 billion.
Shares of eBay trade at over 10 times projected 2008 earnings, at a discount to Google Inc (GOOG.O) at nearly 20, Yahoo Inc (YHOO.O) at 32 and Amazon.com Inc (AMZN.O) at 41.
EBay shares fell $1.83 in extended trade to $13.50 after closing at $15.33, down nearly 14 percent. They are off about 38 percent since January as of Tuesday's close.
(Reporting by Alexandria Sage, editing by Richard Chang)
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