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MarketScreener Homepage  >  Equities  >  Nasdaq  >  EBay Inc.    EBAY

EBAY INC.

(EBAY)
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EBay forecasts robust holiday sales as online shopping drives profit beat

10/28/2020 | 03:28pm EST

Oct 28 (Reuters) - E-commerce company eBay Inc on Wednesday forecast holiday-quarter sales above estimates and topped Wall Street profit expectations, as people staying at home due to the COVID-19 pandemic took to online shopping.

Shares of the company, however, fell 5% in extended trade, after it said active buyers rose by just 1 million to 183 million in the third quarter compared to the prior quarter.

"These metrics (active buyers) are likely raising concerns regarding what growth might look like once the COVID-related tailwinds for the business ease," Atlantic Equities analyst James Cordwell said.

Still, eBay said it expects fourth-quarter revenue in the range of $2.64 billion to $2.71 billion, above analysts' estimate of $2.54 billion, according to IBES data from Refinitiv.

"We continue to operate in an environment with low visibility...The dynamics we faced in Q3 were different from what we faced in Q2, and it's clear that Q4 will be different," eBay's interim chief financial officer, Andy Cring, said on a conference call with analysts.

E-commerce firms and retailers with a strong online presence, including eBay and bigger rivals Amazon.com Inc and Walmart Inc, have witnessed a spike in orders, with less brick-and-mortar shopping due to restrictions related to the coronavirus crisis.

EBay also raised its full-year sales outlook to between $10.04 billion and $10.11 billion. The forecast excludes the classifieds business, which eBay in July agreed to sell to Norway's Adevinta in a $9.2 billion deal.

Net income from continuing operations nearly tripled to $621 million, for the third quarter ended Sept. 30.

Excluding items, eBay earned 85 cents per share, above estimates of 77 cents per share.

Revenue rose about 25% to $2.61 billion, beating analysts' average estimate of $2.48 billion.

(Reporting by Akanksha Rana in Bengaluru; Editing by Vinay Dwivedi)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ADEVINTA ASA -0.75% 144.9 Delayed Quote.39.33%
AMAZON.COM, INC. 0.32% 3195.34 Delayed Quote.72.92%
EBAY INC. 1.76% 51.34 Delayed Quote.42.18%
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Financials (USD)
Sales 2020 10 171 M - -
Net income 2020 2 204 M - -
Net Debt 2020 3 705 M - -
P/E ratio 2020 16,6x
Yield 2020 1,24%
Capitalization 35 391 M 35 391 M -
EV / Sales 2020 3,84x
EV / Sales 2021 3,34x
Nbr of Employees 13 300
Free-Float 39,0%
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Technical analysis trends EBAY INC.
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 62,06 $
Last Close Price 51,34 $
Spread / Highest target 59,7%
Spread / Average Target 20,9%
Spread / Lowest Target -4,56%
EPS Revisions
Managers
NameTitle
Jamie Iannone President, Chief Executive Officer & Director
Paul S. Pressler Chairman
Wendy Jones Senior Vice President-Global Operations
Andrew Cring CFO, VP-Global Financial Planning & Analysis
Mazen Rawashdeh Chief Technology Officer & Senior Vice President
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