Ebay says foreign cash needed for U.S. growth, buybacks
SAN FRANCISCO (Reuters) - EBay Inc said on Tuesday that access to foreign earnings will allow the e-commerce giant to take advantage of growing opportunities in the U.S. market while also completing $5 billion in share buybacks.
The company, which also reported better-than-expected earnings, will take a $3 billion non-tax charge to repatriate foreign earnings. This will result in an additional $6 billion to eBay's U.S. cash pile.
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