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