EBay beats quarterly profit estimates, forecasts current-quarter sales above expectations

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In this news, we discuss the EBay beats quarterly profit estimates, forecasts current-quarter sales above expectations.

(Reuters) – EBAY.O quarterly earnings from EBay Inc. beat Wall Street expectations on Wednesday and the e-commerce company expects fourth-quarter sales to exceed estimates as people staying home due to the COVID-19 pandemic have embarked on online shopping.

The company’s shares rose 2% in extended trading.

Ebay said it expected fourth-quarter revenue to range between $ 2.64 billion and $ 2.71 billion, while analysts expected $ 2.54 billion, according to IBES data from Refinitiv.

E-commerce businesses 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.

Revenue rose to $ 2.61 billion from $ 2.08 billion, beating the average analyst estimate of $ 2.48 billion.

Net income from continuing operations rose to $ 621 million, or 88 cents per share, for the third quarter ended Sept. 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.

Report by Akanksha Rana in Bengaluru; Editing by Vinay Dwivedi

Original © Thomson Reuters

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