Business

eBay third-quarter revenue beats estimates

eBay forecasts current-quarter sales above expectations

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  • The company’s shares rose 2% in extended trade;
  • Revenue rose to $2.61 billion from $2.08 billion, beating analysts’ average estimate of $2.48 billion.

E-commerce firm eBay‘s quarterly revenue topped Wall Street expectations on Wednesday. The company expects fourth-quarter sales above estimates, as people staying at home due to the COVID-19 pandemic flocked to online shopping.

The company’s shares rose 2% in extended trade.

Ebay said it expects fourth-quarter revenue in the range of $2.64 billion and $2.71 billion, while analysts were expecting $2.54 billion, according to IBES data from Refinitiv.

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E-commerce firms and retailers with a strong online presence have witnessed a spike in demand as the COVID-19 pandemic has led more people to shop online.

Revenue rose to $2.61 billion from $2.08 billion, beating analysts’ average estimate of $2.48 billion.

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Net income from continuing operations rose to $621 million, or 88 cents per share, for the third quarter ended Sept. 30, from $210 million, or 25 cents per share, a year earlier.

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

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