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Gloucestershire Business News

eBay beats sales forecast despite slowing consumer spending

Online marketplace eBay Inc has posted better than expected second-quarter earnings, as its focus on selling luxury products dampened the hit from a slowdown in consumer spending.

The business posted revenue of $2.4 billion for the quarter, down nine per cent. But tis was above analysts expectations of $2.37 billion.

Adjusted profits were reported as 99 cents a share, better than analysts had predicted and ahead of the target range of 87 to 91 cents a share.

Chief executive Jamie Iannone said: "Our focus category strategy is working, and payments and advertising are driving further growth.

"eBay is in a stronger position today than it was when we entered the pandemic. Despite rising inflation and an uncertain macro-environment, we remain on track to deliver on our 2022 commitments.

In the three months to the end of June 2022, eBay returned more than $1.4 billion to shareholders, including $121 million in cash dividends.

Shares rose around five per cent in extended trading.

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