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EBay's PayPal service generated $233.1 million, or 23%, of eBay's revenue in first quarter. PayPal has been widely adopted by buyers and sellers on eBay's auction marketplace as a way to pay for purchases. Recently, eBay has been trying to expand PayPal's presence as a payment system for other Web sites. In first quarter, 71% of PayPal's revenue came from eBay auctions, company says.
"It could be a pretty big negative for eBay if it happens," says Safa Rashtchy, Internet analyst at Piper Jaffray. Mr. Rashtchy said he believes Google is also working on a classified listing service, which also would compete with eBay, which is based in San Jose, Calif.
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