EBay Q1 income declines by 22%

EBay Inc said the weak economy led to lower earnings and revenue for the second consecutive quarter, but the online marketplace operator's results still beat analysts' expectations.

The first-quarter numbers helped eBay shares shoot up 79 cents, or 5.4 percent, in after-hours trading, after they ended the regular session up 49 cents, or 3.4 percent, at $14.78.

The quarterly results, however, show the San Jose, California-based company is still struggling, though - both with the recession and its efforts to improve its online marketplace.