EBay beats revenue estimates as e-commerce demand holds steady
EBay Inc (EBAY.O)surpassed Wall Street estimates for second-quarter revenue on Wednesday as online shopping held steady in the face of rising inflation, sending shares up 4%.
Online retailers such as eBay are benefiting from the selective purchase behavior of consumers navigating record-high inflation by limiting spends to essential items.
“Our focus category strategy is working, and payments and advertising are driving further growth,” said Chief Executive Jamie Iannone.
Revenue declined 9% to $2.4 billion, but came in higher than analysts’ estimates of $2.37 billion, according to IBES data from Refinitiv.
For the current quarter, eBay forecast revenue in the range of $2.29 billion to $2.37 billion, also higher than expectations of $2.30 billion.