EBay says its first-quarter net income grew 20 percent thanks to higher revenue from its PayPal business and its e-commerce websites.

EBay Inc. said Wednesday that it earned $570 million, or 44 cents per share, in the January-March period. That's up from $476 million, or 36 cents per share, a year ago.

Adjusted earnings of 55 cents per share beat Wall Street's estimates by 3 cents.

Revenue grew 29 percent to $3.28 billion from $2.55 billion.

Analysts, on average, had expected lower revenue of $3.15 billion, according to FactSet.

The e-commerce and online payments company is forecasting adjusted earnings of 53 cents to 55 cents per share for the second quarter. Analysts are expecting 55 cents.