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Adevinta second-quarter revenue tops estimates; to review strategy

OSLO: Adevinta reported on Thursday a bigger-than-expected jump in second-quarter revenue, as the easing of pandemic curbs lifted businesses, while the Norwegian company initiated a strategic review after completing the acquisition of U.S. e-commerce group eBay's classifieds group.

Operating revenue at the online classifieds company during April-June rose to 193 million euros (US$228.28 million), up 33per cent from 145 million a year earlier, while analysts in a Refinitiv poll on average expected 188 million euros.

"We expect positive momentum to continue through the rest of 2021 albeit that volumes remain soft and uncertain in some of our markets in the short term," Adevinta said in its earnings report.

Shares rose 5.3per cent on Wednesday after its biggest owner eBay announced that it agreed to sell 10.2per cent in Adevinta to private-equity firm Permira for US$2.25 billion in cash, clearing the way for a tie-up between eBay and Adevinta's classified ads businesses.

The company said on Thursday that it will unveil a new strategy and financial objectives on Nov. 30.

"We will continue to invest in the business to reinforce our positions and seize market opportunities in classifieds ... even accelerate in markets where we face increasing competition," the company said.

(US$1 = 0.8455 euros)

(Reporting by Victoria Klesty, Editing by Sherry Jacob-Phillips)

Source: Reuters

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