EBay beats revenue estimates as e-commerce demand holds steady

2022-08-03T20:19:05Z
The eBay app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

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.

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