eBay Forecasts Current-Quarter Profit Below Estimates, Shares Fall

eBay
FILE PHOTO: The eBay logo is pictured on a phone screen in this photo illustration July 23, 2019. REUTERS/Brendan McDermid/Illustration

EBay Inc on Wednesday forecast current-quarter profit below Wall Street estimates as it faces fierce competition from the likes of larger rival Amazon.com Inc for a share of the pandemic-led online shopping boom.

Shares of the company fell 5% in extended trading. 

Pandemic-wary customers have turned to e-commerce platforms during the health crisis, but vaccine rollouts are expected to fuel a return to brick-and-mortar as people spend more time outside.

EBay also faces competition from larger rivals including Amazon and Walmart Inc’s online business. 

EBay forecast second-quarter adjusted profit in the range of 91 cents to 96 cents per share. Analysts had expected a profit of $1.02 per share, according to Refinitiv IBES data. 

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Revenue rose to $3.02 billion from $2.13 billion in the first quarter, beating analysts’ estimates of $2.97 billion. 

Reporting by Akanksha Rana; Editing by Aditya Soni; Reuters

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