Auction web site eBay has announced financial results for the second quarter showing a 50 per cent rise in net income.

The company made $367m in profit across the quarter. Revenue totalled a record $1.83bn, representing a growth rate of 30 per cent.

Results for eBay subsidiary Paypal saw similar success. The secure payment service posted record profit of $454m, and a growth rate of 34 per cent over the $339m reported in the second quarter of 2006.

The auction site also revealed that it bought 10 million shares of its own common stock during the second quarter, at a cost of roughly $344m. The move forms part of wider repurchasing plan that that will see eBay spend up to $2bn by January 2009.

'The quarter was a very good one for the company, as our portfolio of businesses continued to deliver value to our global community,' said Meg Whitman, eBay president and chief executive.