Ebay Raises Full-Year Guidance Amid Strong Demand During Pandemic
July 28 2020 - 4:21PM
Dow Jones News
By Micah Maidenberg
Ebay Inc. raised its forecast for revenue and profit for the
year, a move that comes as the digital marketplace has seen
stronger activity in its digital marketplace as consumers opt for
online shopping during the Covid-19 pandemic.
The company on Tuesday said it now expects to generate earnings
from continuing operations of $2.85 to $3 a share, up from a
forecast in April that saw $2.20 to $2.30 a share on that
metric.
Adjusted profit for the year is expected to range from $3.47 to
$3.59 a share, better than the earlier guidance of $3 to $3.10 a
share.
Ebay also said it believes it will collect between $10.56
billion and $10.75 billion for the year, higher than its April
outlook of $9.56 billion and $9.76 billion for 2020.
The new forecast "reflects management's expectations for
operational performance and the impacts seen in both of our
Marketplaces and Classifieds platforms to date, but it is difficult
to predict exactly how buyer behavior, retail channel shifts, and
changes in the economic environment will affect our volume over
time," eBay said.
The company last week said it would sell the classifieds
business but the guidance assumes results from the unit are
included for the full year.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
July 28, 2020 17:06 ET (21:06 GMT)
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