EBay CEO John Donahoe has resisted demands by activist investor Carl Icahn to hive off the payments service, saying PayPal was integral to eBay's business - and vice versa - and a split would not make sense. However SNL Financial analyst Seth Shafer, recently pointed out that PayPal and Braintree racked up some $1.74 billion in net transaction revenue during the second quarter, slightly above eBay’s core marketplace, which posted transaction revenue of $1.72 billion.