EBay forecasts current-quarter profit below estimates, shares fall

EBay Inc on Wednesday forecast current-quarter profit below Wall Street estimates as it faces fierce competition from the likes of larger rival Amazon.com Inc for a share of the pandemic-led online shopping boom. Shares of the company fell 5% in extended trading. EBay forecast second-quarter adjusted profit in the range of 91 cents to 96 cents per share.

EBay Inc on Wednesday forecast current-quarter profit below Wall Street estimates as it faces fierce competition from the likes of larger rival Amazon.com Inc for a share of the pandemic-led online shopping boom.

Shares of the company fell 5% in extended trading. Pandemic-wary customers have turned to e-commerce platforms during the health crisis, but vaccine rollouts are expected to fuel a return to brick-and-mortar as people spend more time outside.

EBay also faces competition from larger rivals including Amazon and Walmart Inc's online business. EBay forecast second-quarter adjusted profit in the range of 91 cents to 96 cents per share. Analysts had expected a profit of $1.02 per share, according to Refinitiv IBES data.

Revenue rose to $3.02 billion from $2.13 billion in the first quarter, beating analysts' estimates of $2.97 billion.