eBay beats revenue estimates, bucks slowdown in consumer spending
EBAY surpassed estimates for second-quarter earnings and maintained its annual sales forecast, sending its shares up 4 per cent and allaying some investor concerns over the outlook for online shopping as consumer spending shrinks.
The e-commerce firm's results contrast that of brick-and-mortar retailers Walmart and Target, which had warned of slowing discretionary spending as inflation-hit Americans save their dollars for gas, food and other essentials.
"Our focus category strategy is working, and payments and advertising are driving further growth," said eBay chief executive Jamie Iannone.
Revenue declined 9 per cent to US$2.42 billion in the quarter ended Jun 30, but came in higher than analysts' estimates of US$2.37 billion, according to IBES data from Refinitiv.
Excluding items, the company earned 99 US cents per share, higher than expectations of 89 US cents.
For the current quarter, eBay forecasts revenue between US$2.29 billion and US$2.37 billion, also above estimates of US$2.30 billion. REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Vietnam forfeits billions of US dollars in foreign aid amid anti-graft freeze
Asia: Stocks mixed after Wall Street, Europe retreat from records
Mapletree closes second Japan logistics development fund, expects 110 billion yen AUM
Dolce & Gabbana metaverse fashion offering leaves shopper fuming
Microsoft offers cloud customers AMD alternative to Nvidia AI processors
CEO of fallen Eagle Hospitality Trust seeks to contest four disclosure-related criminal charges