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EBay quarterly revenue growth disappoints as online demand ebbs -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – This illustration, taken July 13th 2021, shows the eBay app on a smartphone. REUTERS/Dado Ruvic/Illustration

(Reuters) EBay Inc reported a slight increase in its quarterly revenue Wednesday. This is a signal that the boom-driven pandemic for online shopping is waning. It sent the shares of the ecommerce platform down almost 12%.

While e-commerce has made huge profits during the pandemic and is expected to continue growing, vaccine rollouts may change their fortunes.

This could cause more problems for EBay, which already faces fierce competition from Amazon (NASDAQ:) & Walmart (NYSE:) Inc.’s online businesses.

According to Refinitiv’s IBES data, the company’s fourth-quarter revenue increased 5% to $2.61 trillion. This is in line with analysts’ average estimates.

The quarter’s gross merchandise volume (the total value of all sales made on eBay, NASDAQ:), fell by 10% to $20.7 million.

In the fourth quarter, loss due to continuing operations totalled $893million or $1.47/share

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