February 6, 2015 / 12:08 PM / 3 years ago

EBay restates quarterly profit to reflect lower income tax

An eBay sign is seen at an office building in San Jose, California May 28, 2014. REUTERS/Beck Diefenbach

(Reuters) - 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.

Reporting By Arathy S Nair in Bengaluru; Editing by Maju Samuel

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