Profits and revenues at internet auctioneer eBay have doubled, as the allure of buying and selling second-hand goods online showed no signs of fading.

The company, by far the biggest online auction house, earned $104m during the first three months of the year, up from $48m a year earlier.

Revenues were $477m, comfortably above the company's own forecasts.

"We are now more confident than ever in eBay's long-term potential across every facet of our business," Meg Whitman, eBay's president and chief executive, said in a statement.

Global marketplace

The results underline the - to many people, surprising - success of online marketplaces.

Although disappointing for many types of businesses, the internet has proved a fruitful place to buy and sell collectibles - eBay lists more than 12 million items across 18,000 categories.

In 2002, eBay members bought and sold goods worth almost $15bn, and the firm claims surfers spend more time on its site than on any other.

Scarcely hit by the collapse of confidence in internet businesses, eBay remains in favour with investors.

Its shares are currently trading at the equivalent of 70 years'-worth of earnings, compared with 26 years'-worth for Microsoft.