EBay Beats Quarterly Profit Estimates

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EBAY from Ebay Inc.Quarterly profit beat Wall Street expectations on Wednesday and the e-commerce company forecasts fourth-quarter sales above estimates as people staying at home due to the COVID-19 pandemic led to online shopping.

EBay said it expects fourth-quarter revenue in the range of $ 2.64 billion to.2.71 billion, while analysts estimate $ 2.54 billion, according to IBES data from Refinitiv.

E-commerce companies and retailers with a strong online presence have witnessed a surge in demand as the COVID-19 pandemic has led more people to shop online.

The company raised its full-year sales outlook to between $ 10.04 billion and $ 10.11 billion. The forecast excludes the classified ads business, which eBay in July agreed to sell to Norway’S Adevinta ADEV.OL in a acuerdo 9.2 billion settlement.

EBay, which has made its platform easier to use through pooled listings and personal recommendations, said active buyers grew 5% to 183 million in the third quarter.

Net income from continuing operations increased to $ 621 million, or 88 cents per share, for the third quarter ended September. 30, from $ 210 million, or 25 cents per share, a year earlier.

Excluding items, eBay earned 85 cents per share, above estimates of 77 cents per share.

Revenue rose about 25% to.2.61 billion, beating analysts ‘ average estimate of. 2.48 billion. However, the company skipped its previous revenue forecast of $ 2.64 billion to.2.71 billion.

The company’s shares fell nearly 2% to $ 52.24 in extended trading.

 


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