eBay exceeds earnings forecasts in the third quarter

After the market close at NASDAQ, the online marketplace eBay published its financial results for the quarter.

11/8/2023, 2:00 PM
Eulerpool News Nov 8, 2023, 2:00 PM

After the closing bell rang at NASDAQ, the internet giant eBay presented its quarterly figures. The result?

A disappointing sales forecast for the Christmas business. The company expects revenues between $2.47 and $2.53 billion for the current quarter. In comparison, analysts had predicted an average of $2.6 billion. An unexpected turn for eBay, which competes with industry giants like Amazon and Walmart for the favor of online shoppers in the US.

The third business quarter of 2023 ended for eBay with a profit per share of $1.03. In the same quarter of the previous year, the company had also recorded $1.00 per share. However, analysts' expectations were at $1.00 per share. All in all, eBay was able to record a profit of 1.3 billion dollars (1.2 billion euros), compared to a loss of 70 million dollars in the previous year. This impressive profit was achieved, among other things, through valuation gains.

Compared to the same period last year, eBay recorded a rise in revenue from $2.38 billion to $2.5 billion in the past quarter in September. This corresponds to experts' expectations of $2.5 billion.

Nevertheless, the effects of the disappointing forecast are apparent in the pre-market US trading on the NASDAQ, where the eBay share temporarily fell by 6.30 percent to 38.20 US dollars. A significant decline for the company, which is always striving to satisfy its shareholders.

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