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Oct 19

Ebay shares down amid disappointing holiday-quarter forecast

ebay

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Ebay Inc forecast quarterly revenue and profit for the crucial holiday shopping season largely below market estimates, sending its shares down eight per cent in extended trading.

The company forecast revenue of US$2.36 billion to US$2.41 billion and adjusted profit from continuing operations of 52 to 54 cents US per share for the current quarter.

Analysts on average were expecting revenue of US$2.40 billion and earnings of 54 cents US per share, according to Thomson Reuters.

Ebay has been working to reinvent itself since parting ways with PayPal, its main growth engine, in July last year.

The company has been offering a bigger selection of products and more brands and requiring sellers to give more details on products to attract younger shoppers and better compete with Amazon.com Inc and brick-and-mortar retailers that are beefing up their online presence.

Revenue rose 5.6 per cent to US$2.22 billion in the third quarter, beating the average analyst estimate of US$2.19 billion.

Net income fell to US$413 million, or 36 cents US per share, in the quarter ended Sept. 30 from US$539 million, or 45 cents US per share, a year earlier.

Excluding items, Ebay earned 45 cents US  per share, beating the average estimate of 44 cents US.