Ebay gets boost from holiday sales and stay-at-home buyers
Shares of the company up nearly 9% in extended trading after earnings release
E-commerce firm eBay Inc on Wednesday topped Wall Street expectations for holiday-quarter revenue and current-quarter sales estimates, as more homebound buyers flocked to its platform for shopping during the COVID-19 pandemic.
Shares of the company jumped about 9% to $63 in extended trade.
The COVID-19 pandemic has forced millions of Americans to stay indoors, leading to a surge in online orders for e-commerce companies including eBay, Amazon.com Inc and Walmart Inc's online business.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| EBAY | EBAY INC. | 63.24 | +1.83 | +2.98% |
Ebay said it expects first-quarter revenue in the range of $2.94 billion to $2.99 billion, while analysts were expecting $2.53 billion, according to IBES data from Refinitiv.
Annual active buyers grew by 7%, to a total of 185 million global active buyers, the company said.
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Revenue in the fourth quarter ended Dec. 31 rose to $2.87 billion from $2.24 billion, beating analysts' average estimate of $2.70 billion, according to IBES data from Refinitiv.