⁍ EBay Inc’s quarterly profit topped Wall Street expectations.
⁍ The e-commerce company forecast fourth-quarter sales above estimates.
⁍ People staying at home due to the COVID-19 pandemic took to online shopping.
– eBay’s third-quarter profit beat analysts’ estimates as the company saw a boost from people buying items online despite the H1N1 virus. The company’s net income rose to $621 million, or 88 cents per share, in the third quarter, from $210 million, or 25 cents per share, a year earlier, Reuters reports. Excluding items, eBay earned 85 cents per share, above analysts’ average estimate of 77 cents per share. Revenue rose about 25% to $2.61 billion, beating analysts’ average estimate of $2.48 billion. The company raised its full-year sales outlook to between $10.04 billion and $10.11 billion. The forecast excludes the classifieds business, which eBay in July agreed to sell to Norway’s Adevinta for a $9.2 billion deal. eBay, which has made its platform simpler to use through grouped listings and personal recommendations, said active buyers grew 5% to 183 million in the third quarter.
Source: https://www.reuters.com/article/ebay-results/update-3-ebay-forecasts-robust-holiday-sales-as-online-shopping-drives-profit-beat-idUSL4N2HJ4FT