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EBay beats revenue estimates, bucks slowdown in consumer spending

(Reuters) - EBay Inc surpassed estimates for second-quarter earnings and maintained its annual sales forecast, sending its shares up 4% and allaying some investor concerns over...
EBay beats revenue estimates, bucks slowdown in consumer spending © Reuters. FILE PHOTO: The eBay app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - EBay Inc surpassed estimates for second-quarter earnings and maintained its annual sales forecast, sending its shares up 4% and allaying some investor concerns over the outlook for online shopping as consumer spending shrinks.

The e-commerce firm's results contrast that of brick-and-mortar retailers Walmart (NYSE:WMT) Inc and Target Corp (NYSE:TGT), which had warned of slowing discretionary spending as inflation-hit Americans save their dollars for gas, food and other essentials.

"Our focus category strategy is working, and payments and advertising are driving further growth," said EBay Chief Executive Jamie Iannone.

Revenue declined 9% to $2.42 billion in the quarter ended June 30, but came in higher than analysts' estimates of $2.37 billion, according to IBES data from Refinitiv.

Excluding items, the company earned 99 cents per share, higher than expectations of 89 cents.

For the current quarter, eBay (NASDAQ:EBAY) forecast revenue between $2.29 billion and $2.37 billion, also above estimates of $2.30 billion.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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