July 17, 2019 / 8:37 PM / 5 months ago

UPDATE 1-EBay beats estimates as more shoppers flock to site, shares rise

(Adds forecast, estimates and share price)

July 17 (Reuters) - EBay Inc beat Wall Street estimates for quarterly revenue and profit on Wednesday, as a multi-year effort to make its platforms easier to use attracted more customers, sending its shares up 5%.

EBay, facing rising competition from Amazon.com Inc and Walmart Inc, has been focusing on its emerging businesses such as advertising and payments.

The e-commerce company forecast third-quarter adjusted profit in the range of 62 cents to 65 cents per share and revenue of $2.61 billion to $2.66 billion. Analysts had expected a profit of 63 cents on revenue of $2.68 billion, according to IBES data from Refinitiv.

San Jose, California-based eBay announced a review of its StubHub and eBay Classifieds businesses in March and said it would name two new directors to its board as part of an agreement to ease pressure on the board from activist investors.

EBay's net income from continuing operations fell to $403 million or 46 cents per share for the second quarter ended June 30 from $638 million or 64 cents per share, a year earlier.

Excluding items, the company earned 68 cents per share, beating analysts' average estimate of 62 cents.

Revenue rose nearly 2% to $2.69 billion, above estimates of $2.68 billion. (Reporting by Akanksha Rana and Arjun Panchadar in Bengaluru; Editing by Bernard Orr)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below