EBAY eBay Inc

   By Micah Maidenberg 
 

Ebay Inc. raised its forecast for revenue and profit for the year, a move that comes as the digital marketplace has seen stronger activity in its digital marketplace as consumers opt for online shopping during the Covid-19 pandemic.

The company on Tuesday said it now expects to generate earnings from continuing operations of $2.85 to $3 a share, up from a forecast in April that saw $2.20 to $2.30 a share on that metric.

Adjusted profit for the year is expected to range from $3.47 to $3.59 a share, better than the earlier guidance of $3 to $3.10 a share.

Ebay also said it believes it will collect between $10.56 billion and $10.75 billion for the year, higher than its April outlook of $9.56 billion and $9.76 billion for 2020.

The new forecast "reflects management's expectations for operational performance and the impacts seen in both of our Marketplaces and Classifieds platforms to date, but it is difficult to predict exactly how buyer behavior, retail channel shifts, and changes in the economic environment will affect our volume over time," eBay said.

The company last week said it would sell the classifieds business but the guidance assumes results from the unit are included for the full year.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

July 28, 2020 17:06 ET (21:06 GMT)

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