EBay reported earnings this week that beat analysts' expectations.

The company's shares rose the most in eight months after the online purveyor of goods said its sales and profits in its latest fiscal quarter were robust. EBay noted its earnings were fueled by growth in its PayPal segment, among other divisions.

EBay chief executive John Donahoe, said the company is expanding beyond its core business of online auctions. He said successful cost reduction and supply chain management campaigns have helped fuel profitability, and now the firm is pursuing growth outside of its traditional market sphere in an effort to drive future revenue.

According to Donahoe, EBay is charting growth in the mobile space. The company expects mobile payments to jump 75 percent this year to more than $7 billion, underscoring how consumers are increasingly shopping on their smartphones.

"PayPal continues to be a star," BGC Partners analyst Colin Gillis told Bloomberg. "The traction in the marketplace has been slow and steady."

EBay's first quarter revenue climbed 29 percent to $3.28 billion, the company said. PayPal's revenue increased 32 percent over the same period of time, while volume also rose 24 percent.