EBay beats quarterly revenue estimates
The eBay logo is pictured on a phone screen in this photo illustration on Jul 23, 2019. (Photo: REUTERS/Brendan McDermid)
EBay on Wednesday exceeded market estimates for quarterly revenue as customers used its auction and e-commerce platform to shop online during the COVID-19 pandemic.
Revenue rose to US$2.50 billion in the third quarter from US$2.26 billion, beating analysts' average estimate of US$2.46 billion, according to Refinitiv data.
The company has doubled down on its core auction and e-commerce business in recent years through deals in a bid to fend off rising competition from industry behemoth Amazon.com and upstarts such as Etsy.
It forecast fourth-quarter revenue to grow in a range of 3 per cent to 5 per cent and projected adjusted profit between 97 cents and US$1.01 per share.
