July 18, 2018 / 8:52 PM / a month ago

UPDATE 1-EBay's third-quarter forecast misses estimates

(Adds details on results, background, share price)

July 18 (Reuters) - EBay Inc forecast third-quarter profit below analysts' estimates on Wednesday as efforts to revamp its e-commerce platforms failed to impress investors.

Shares of eBay were down 2 percent at $37.21 in after-hours trading.

The company forecast third-quarter adjusted profit of 54 cents-56 cents per share and revenue of $2.64 billion to $2.69 billion. Analysts on average were expecting a profit of 56 cents per share and revenue of $2.66 billion, according to Thomson Reuters I/B/E/S.

The company also lowered its full-year revenue forecast to between $10.75 billion and $10.85 billion from $10.9 billion and $11.1 billion previously.

The online marketplace has been splurging on advertising brands available on its platform and on developing a more user-friendly format to better compete with the likes of Amazon.com.

Excluding items, the company earned 53 cents per share, beating analysts' average estimate of 51 cents.

Revenue rose to $2.64 billion from $2.42 billion. (Reporting by Arjun Panchadar in Bengaluru; Editing by Shounak Dasgupta)

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