EBay beats second-quarter sales estimates, raises FY outlook

(Reuters) – EBay Inc beat Wall Street estimates for quarterly revenue and raised its full-year outlook on Tuesday, as the e-commerce company benefited from a surge in online shopping by people staying indoors due to coronavirus-driven lockdowns.

Business has been booming for e-commerce firms and companies with strong online presence as the COVID-19 pandemic has led more people to use their mobile phones and computers to shop.

The company now expects full-year net revenue to be between $10.56 billion and $10.75 billion. It also forecast third-quarter sales above expectations.

EBay has also been had been under pressure from activist investors Elliott Management Corp and Starboard Value, following which the company last week agreed to sell its classified ads business to Norway’s Adevinta in a deal worth $9.2 billion.

Revenue rose to $2.87 billion from $2.42 billion in the second quarter, beating analysts’ estimate of about $2.8 billion, according to IBES data from Refinitiv.

(Reporting by Akanksha Rana in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)