EBay forecasts current-quarter revenue below estimates
2022.05.04 23:37
FILE PHOTO: The eBay app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) -EBay Inc on Wednesday forecast second-quarter revenue below market estimates, a sign that declining consumer spending and intense competition from rivals like Amazon.com Inc (NASDAQ:AMZN) would hit its business.
Shares of the company fell 6% in extended trading.
After bringing in billions of dollars in sales during the pandemic, e-commerce companies are now under pressure from rising inflation, a tight labor market and the ongoing supply chain crisis.
The economic reopening has also slowed the online shopping momentum seen last year as customers return to pre-pandemic habits.
EBay said it expected current-quarter revenue between $2.35 billion and $2.40 billion, compared with the analysts’ average estimate of $2.54 billion, according to IBES data from Refinitiv.
Revenue for the first quarter came in at $2.48 billion, compared with analysts’ average estimate of $2.46 billion.
