EBay Beats Quarterly Revenue Estimates

EBay Inc. on Wednesday exceeded market estimates for quarterly revenue as customers used its auction and e-commerce platform to shop online during the COVID-19 pandemic.

Revenue rose to $2.50 billion in the third quarter from $2.26 billion, beating analysts’ average estimate of $2.46 billion, according to Refinitiv data.

The company has doubled down on its core auction and e-commerce business in recent years through deals in a bid to fend off rising competition from industry behemoth Amazon.com Inc and upstarts such as Etsy Inc.

It forecast fourth-quarter revenue to grow in a range of 3% to 5% and projected adjusted profit between 97 cents and $1.01 per share.

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