EBay restates quarterly profit to reflect lower income tax

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SHAFAQNA – 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.

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