SAN FRANCISCO — Benefiting from a weak dollar, online auction company eBay Inc. beat Wall Street's expectations on Wednesday, reporting a 22 percent hike in first-quarter profit and raising its outlook for the rest of the year.

EBay reported net income of $460 million, or 34 cents per share, on revenue of $2.19 billion in the quarter that ended March 31. In the year-ago quarter, eBay earned $377 million, or 27 cents per share, on revenue of $1.77 billion.

Excluding one-time items, eBay's net income was $562 million, compared to $460 million in the first quarter of last year.

More than half of eBay's business — including its core online auction, fixed-price and store listings, PayPal, Skype and classifieds — takes place overseas. Sales in those stronger foreign currencies translate to more dollars for eBay.