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EBay raises forecast as redesign draws customers, boosts ad revenue

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04/23/2019 | 06:45pm EDT
FILE PHOTO: An eBay sign is seen at an office building in San Jose, California

(Reuters) - EBay Inc raised its full-year sales and profit forecasts on Tuesday, as user-friendly changes to its ecommerce platforms attracted more customers and also increased its advertising revenue.

The company, facing intense competition from Amazon.com Inc and Walmart Inc, has focused on its promoted listings program and payments business, as well as worked to make its platform simpler to use through the introduction of grouped listings and personal recommendations.

More than 800,000 active sellers took advantage of the promoted listings in the first quarter, helping more than double advertising revenue to over $65 million, the company said.

Chief Executive Officer Devin Wenig on a post-earnings call reiterated that the company was reducing third-party ads that are not accretive and remained on track toward a $1 billion advertising revenue opportunity.

The results come as eBay is in the middle of a review of its StubHub and eBay Classifieds businesses following activist investor pressure.

The San Jose, California-based company has also agreed to appoint two new directors to its board as part of an agreement with activist investors Starboard Value and Elliott Management.

"We see the beat and raise as a positive reflection of management's efforts, prior to the involvement of the activist, to improve its operating results - including expanding its efforts in advertising and payments," said Tom Forte, an analyst with D.A. Davidson.

EBay's shares rose 5 percent in extended trading after the company also beat first-quarter revenue and profit estimates.

The company raised its full-year revenue forecast to range between $10.83 billion and $10.93 billion, and its profit to be between $2.64 per share and $2.70 per share.

Net revenue rose 2.4 percent to $2.64 billion in the first quarter ended March 31, beating analysts' average estimate of $2.58 billion, according to IBES data from Refinitiv.

EBay said active buyers grew 4 percent to 180 million in the reported quarter. However, the company's gross merchandise volume, which is the value of goods sold on its websites within a certain time frame, fell 4.2 percent to $22.59 billion.

Excluding items, eBay earned 67 cents per share, beating estimates of 63 cents per share.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila)

By Arjun Panchadar

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM 1.93% 1923.77 Delayed Quote.25.68%
EBAY INC. 1.44% 36.67 Delayed Quote.28.79%
WAL-MART STORES 0.68% 103.07 Delayed Quote.9.90%
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Financials ($)
Sales 2019 275 B
EBIT 2019 17 721 M
Net income 2019 13 987 M
Finance 2019 33 759 M
Yield 2019 -
P/E ratio 2019 69,40
P/E ratio 2020 48,46
EV / Sales 2019 3,25x
EV / Sales 2020 2,68x
Capitalization 929 B
Duration : Period :
Amazon.com Technical Analysis Chart | MarketScreener
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Technical analysis trends AMAZON.COM
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 47
Average target price 2 060 $
Spread / Average Target 9,2%
EPS Revisions
Jeffrey P. Bezos Chairman, President & Chief Executive Officer
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Patricia Q. Stonesifer Independent Director
Tom A. Alberg Independent Director
Thomas O. Ryder Independent Director
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