EBay beats third-quarter revenue estimates, shares rise By Reuters

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© Reuters. FILE PHOTO: The eBay app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – Ecommerce company eBay Inc (NASDAQ:) on Wednesday beat Wall Street targets for third-quarter revenue as consumers snapped up luxury souvenirs and quirky gifts on its platform.

Shares of the company were up 7% in extended trading, following an about 40% slump so far this year.

Ebay has expanded the categories on its platform to offer pre-owned sneakers and jewelry, as it looks to tap rising demand for high-value collectibles such as electronics.

However, the company’s forecast for holiday-quarter revenue came in below estimates.

Industry bellwether Amazon.com Inc (NASDAQ:) had also forecast a dour holiday season as this year’s surge in prices of food, gas and other essentials forced cash-strapped consumers to put casual shopping on the back burner.

Ebay forecast fourth-quarter revenue between $2.42 billion and $2.50 billion, with the midpoint coming in below analysts’ estimates of $2.49 billion, according to Refinitiv data.

The company projected adjusted profit between $1.03 and $1.09 per share for the key holiday quarter, compared with expectations of $1.06 per share.

For the third quarter, the company said revenue fell 5% to $2.4 billion, surpassing estimates of $2.32 billion.

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