eBay and Paypal Merge / Amazon Grows
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eBay and PayPal Merge
In July 2002, online auction giant eBay Inc. bought Internet payment provider PayPal Inc.
in a $1.3 billion stock deal that would unite the Web's arguably most successful business
with one of the few companies that had been giving it any trouble. eBay executives said
they hoped acquiring PayPal would make the trading site faster, easier, safer and give
eBay a significant chunk of e-commerce action that it had been missing.
In October 2002, Amazon added hundreds of new partnerships with retailers
including The Gap, Nordstrom, Land's End, Target, Borders, and Toys R Us.
At the same time, Amazon launched an online sporting goods store, which offered
3,000 different brand names. By the end of 2003, Amazon would enjoy its first
full-year profit and annual sales of over $5.25 billion, an increase of more
than a third over 2002.