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EBay Falls on Disappointing Outlook Ahead of Holiday Season -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – eBay (NASDAQ:) stock traded nearly 6% lower in Thursday’s premarket as the company’s fourth-quarter outlook disappointed and reflected its own pessimism over the upcoming holiday season.

The online marketplace expects fourth-quarter sales between $2.57 billion and $2.62 billion, lower than last year’s $2.9 billion and also short of the $2.65 billion analysts’ estimate put out by Bloomberg.

EBay’s September quarter ended with 154 million active customers, a decrease of 5% over the previous year. As stores opened, gross merchandise volume fell to $19.5 billion, representing the combined value of all items sold on the site. This was as consumers returned to normal after more than one year of the pandemic.

From $5 billion, the company will increase its stock buyback program by $7 billion.

Revenue for the third quarter rose 11% to $2.5billion, thanks to strong growth at its payments services and an expansion in its advertising portfolio. On an adjusted basis, it earned 90c per share. Sales and profits were both higher than expected.

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