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EBay forecasts current-quarter revenue below estimates

EBay forecasts current-quarter revenue below estimates

An eBay sign at an office building in San Jose, California, May 28, 2014. (Photo: REUTERS/Beck Diefenbach)

NEW YORK: EBay Inc missed Wall Street estimates for quarterly revenue on Wednesday and the e-commerce firm forecast current-quarter sales below estimates, signaling opening up of economies and vaccine rollouts could fade the pandemic-led shopping boom.

In the past year, customers turned to e-commerce platforms during the coronavirus pandemic as they were home-bound for months at a stretch, but vaccine rollouts are expected to lead a return to brick-and-mortar shopping as more people step out of their homes. EBay also faces competition in its marketplace business from larger rivals including Amazon.com and Walmart Inc's online business.

EBay said it expects third-quarter revenue in the range of US$2.42 billion to US$2.47 billion, while analysts were expecting US$2.92 billion, according to IBES data from Refinitiv.

The company's second-quarter revenue rose to US$2.68 billion, but fell short of analysts' expectation of US$3.00 billion.

On an adjusted basis, the company earned 99 cents per share, above analysts' estimate of 95 cents.

Source: Reuters

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