eBay has reportedly forecasted a lower-than-expected sales and profit figure for its fourth quarter, citing slowing growth in online shopping rates in the US.
The online auction and retail giant said that it expected sales between 4.5 billion dollars and 4.6 billion dollars, despite the holiday season being a key shopping period for the firm.
According to the BBC, eBay's shares fell as much as 5 percent soon after the slumping sales expectation announcement.
eBay's Chief Financial Officer, Bob Swan said that the US e-commerce softened considerably and the company has a cautious outlook for the holiday season.
The report said that the firm's net income for the third quarter was 689 million dollars, up by 15 percent compared to the same period last year, while its sales rose 14 percent for the same quarter due to growth in mobile trading.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app