In Prelude to Spin-off, PayPal Eclipses eBay's Marketplace

As it prepares to spin-off PayPal over the summer, eBay reported stronger than expected first quarter earnings Wednesday thanks to its growing payments business. But eBay’s marketplace is declining, which doesn’t bode well for its success after saying goodbye to PayPal. Indeed, the report hammered home the divergent trajectories of the two businesses in one…