EBay’s Quarterly Sales and Profit Exceed Analysts’ Estimates

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EBay’s Quarterly Sales and Profit Exceed Analysts’ Estimates

Bloomberg08-01

EBay Inc. posted quarterly results that exceeded analysts’ estimates, demonstrating that a focus on niche categories is helping it navigate intense competition from Amazon.com Inc., Walmart Inc. and ...

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Analysts, on average, estimated sales of $2.53 billion and per-share earnings of $1.13.The shares were little changed in extended trading after closing at $55.61 in New York.The company projected profit of $1.15 to $1.20 a share on revenue of as much as $2.56 billion in the current quarter. Analysts, on average, estimated profit of $1.13 per share on sales of $2.54 billion.In an effort to stem its eroding market share, eBay has been focusing on narrow categories such as car parts, luxury goods, collectibles and refurbished appliances. 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Analysts, on average, estimated sales of $2.53 billion and per-share earnings of $1.13.The shares were little changed in extended trading after closing at $55.61 in New York.The company projected profit of $1.15 to $1.20 a share on revenue of as much as $2.56 billion in the current quarter. Analysts, on average, estimated profit of $1.13 per share on sales of $2.54 billion.In an effort to stem its eroding market share, eBay has been focusing on narrow categories such as car parts, luxury goods, collectibles and refurbished appliances. But in 2020, Walmart surpassed eBay in US e-commerce sales, while a recent survey showed that Chinese upstart Temu is attracting more repeat shoppers.Chief Executive Officer Jamie Iannone cited momentum in these so-called focus categories and said the strategy contributed to the company’s increase in gross merchandise volume, the value of all goods sold on eBay. GMV increased 1% to $18.4 billion during the quarter, beating analysts’ average estimates of $18.1 billion. The San Jose, California-based company said it had 132 million active buyers in the quarter, unchanged from a year earlier.To sharpen its focus on collectibles, eBay in May said it was buying sports card marketplace Goldin from Collectors Holdings. 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