Wednesday, 29 April 2020

Ebay sees current-quarter revenue above view as more people shop online

Ebay Inc forecast current-quarter revenue above Wall Street estimates on Wednesday, as the e-commerce company benefited from a surge in online orders with people staying indoors because of the Covid-19 pandemic.

The rapid spread of the coronavirus forced millions of Americans to shelter indoors, leading to a huge increase in online shopping and orders for e-commerce companies including eBay, Inc, and Walmart Inc's online business.

The company said it expects second-quarter revenue in the range of $2.38 billion (1.91 billion pounds) to $2.48 billion, while analysts were expecting

eBay, which has worked to make its platform simpler to use through grouped listings and personal recommendations, said active buyers grew 2% to 174 million in the first quarter.

First-quarter revenue fell 2% to $2.37 billion, but was above analysts' average estimate of $2.32 billion, according to IBES data from Refinitiv.

Net income from continuing operations fell 6% to $485 million for the first quarter ended March 31, from a year earlier.

On an adjusted basis, the company earned 77 cents per share, beating analysts' estimates of 72 cents.

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