Technology, Paypal | featured news

Discover makes headway in bringing eBay's online-payments service to physical retailers, but First Data, one of the country's largest merchant processors, has opted not to support the service.

EBay Inc reported holiday quarter results that just beat Wall Street expectations, but the e-commerce company also gave a cautious forecast for 2013. EBay shares climbed 1.7 percent to $53.80 in after-hours trading following the announcement. Expectations were high ahead of the results because sales data from outside sources suggested strong sales growth from eBay's online marketplace and a solid increase in transactions processed by the company's PayPal payments business.

Yahoo has named former PayPal cofounder Max Levchin to its board of directors, as two other board members are stepping down. The addition of Levchin, a well-known Silicon Valley technology executive, is another move towards Marissa Mayer‘s efforts to revamp Yahoo with a technology focus.

EBay's first-quarter net income grew 20 percent thanks to higher revenue from its PayPal business and brisk sales at its e-commerce websites. The results beat Wall Street's expectations and investors sent the company's stock higher in after-hours trading.

Yahoo Inc. has named Scott Thompson, president of eBay Inc.'s PayPal division, as its new CEO, the fourth one in less than five years for the struggling Internet company.

EBay paying $240 million to buy closely held Zong, a provider of mobile payments, as the e-commerce giant seeks to strengthen its PayPal business.

Shares in eBay jump almost 8% after the online auction site's Paypal unit said its revenues would double by 2013.

Online payment service PayPal said it has suspended the WikiLeaks' account that the organization used to collect donations.

Internet-payment provider PayPal said its iPhone application contained a security flaw that could allow a hacker to access users' accounts and has rushed out an update to correct the problem.

EBay Inc was sued for at least $3.8 billion on Tuesday by a Connecticut company that accused the online auctioneer and retailer of infringing six patents to develop lucrative payment systems such as PayPal.