EBay beats quarterly profit estimates, forecasts current-qtr sales above expectations
Adds details on profit, shares, forecast
Oct 28 (Reuters) - EBay Inc's EBAY.O quarterly profit topped Wall Street expectations on Wednesday and the e-commerce company forecast fourth-quarter sales above estimates, as people staying at home due to the COVID-19 pandemic took 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.
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.
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.
(Reporting by Akanksha Rana in Bengaluru; Editing by Vinay Dwivedi)
((firstname.lastname@example.org; ; Twitter: @AkankshaRanaa;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.