EBay beats quarterly profit estimates, forecasts current-qtr sales above expectations

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.

EBay Inc's 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)