E-commerce company eBay Inc (EBAY.O) reported a 7 percent jump in net revenue, boosted by higher demand in the PayPal Holdings Inc (PYPLV.O) payments business it plans to spin off on Friday.

The company also announced an additional $1 billion share buyback program.

Net income fell to $83 million, or 7 cents per share, for the second quarter ended June 30, from $676 million, or 53 cents per share, a year earlier.

Net revenue rose to $4.38 billion from $4.10 billion.

(Reporting by Devika Krishna Kumar and Kshitiz Goliya in Bengaluru; Editing by Don Sebastian)

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