Ebay’s holiday-quarter forecast disappoints; shares slump

Ebay’s holiday-quarter forecast disappoints; shares slump

Ebay's holiday-quarter forecast disappoints; shares slump

REUTERS: EBay Inc forecast quarterly revenue and profit for the crucial holiday shopping season largely below market estimates, sending its shares down 8 percent in extended trading.The company forecast revenue of US$2.36 billion to US$2.41 billion and adjusted profit from continuing operations of 52-54 cents per share for the current quarter.Analysts on average were expecting revenue of US$2.40 billion and earnings of 54 cents per share, according to Thomson Reuters I/B/E/S.EBay has been working to reinvent itself since parting ways with PayPal , its main growth engine, in July last year.The company has been offering a bigger selection of products and more brands and requiring sellers to give more details on products to attract younger shoppers and better compete with Amazon.com Inc and brick-and-mortar retailers that are beefing up their online presence.Revenue rose 5.6 percent to US$2.22 billion in the third quarter, beating the average…

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