EBay, the online auctioneer, last night stunned Wall Street when it unveiled a 22 per cent surge in profits, becoming the second major American company in less than a week to defy the economic slowdown by reporting significant progress.

The company, which allows internet users to purchase items as diverse as a second-hand car to a kookaburra milk jug, maintained its outlook for the second half of the year, confident that it would be able to weather a sharp decline in American economic growth.

However, although eBay raised its full-year revenue forecast, the increase acknowledged the better than expected first-half performance, and the company stuck to its original projection for the second half of the year, recognising a “tough economic climate”.

EBay’s better than forecast results for the second quarter of the year come a day after Intel, the world’s biggest microchip manufacturer, reported a 9.1 per cent increase in sales over a similar period. Intel’s chips are used in mobile phones, digital cameras and laptop computers.

Both companies are heavily exposed to the US economy, and particularly to American consumers, who are being squeezed by record petrol prices, rising food costs, a reduction in credit facilities and the slumping value of their homes. This summer, official US figures signalled the lowest level of consumer confidence for 28 years.

Last night, eBay said that for the three months to June 30 profits had leapt more than a fifth to $460 million (£230 million) compared with the same period last year. Revenue for the second quarter rose 20 per cent to $2.20 billion, just above Wall Street expectations of about $2.17 billion.

John Donahoe, the chief executive of eBay, said: “Beneath these numbers, we are seeing some early, encouraging signs from the changes we’re making.”

Although the total value of all goods sold on its site was $15.68 billion, up 8 per cent from a year ago, eBay said that it was seeing evidence that American and British shoppers were trading down in their purchases.

Analysts were cheered by 54 per cent of eBay revenue arising outside the US, helping to offset the company’s exposure to struggling US consumers. EBay now expects full-year 2008 sales of $8.8 billion to $9.05 billion, up by $300 million on its previous forecast.

However, the company’s decision to stand by its original second-half forecast disappointed Wall Street, which marked down eBay shares 7 per cent in after-hours trading. The second-quarter results were published after the New York stock market had closed last night.

EBay boasted better performance in its Skype business, which lets internet users speak to each other free. Skype has been a headache for eBay after it was forced to admit that it had substantially overpaid for the business. The company said that revenues for Skype rose 6 per cent in the second quarter.

EBay also said that a credit facility of “buy now and pay later” within Paypal, its online secure-payment system, had also helped revenues.

On Monday, eBay scored a major legal victory when a New York judge ruled that Tiffany, the jeweller, could not force eBay to police its site for counterfeit Tiffany jewellery. The ruling, likely to stave off future US lawsuits from brand owners, said trademark holders, and not third-party operators, are ultimately responsible for protecting brands. However, in France, eBay is challenging a recent ruling ordering it to pay $61 million to LVMH over sales of fake handbags and perfume on eBay’s site.

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