EBay Inc. reported robust third-quarter earnings, evidence that the online marketplace’s shift to luxury items and refurbished goods could help temper declining sales.
EBay revenue decreased 5% to $2.4 billion in the period ended Sept. 30. Analysts, on average, estimated $2.32 billion. EBay ranks No. 5 in the 2022 Digital Commerce 360 Online Marketplaces Database.
CEO Jamie Iannone has turned to higher-priced products such as watches and brand-name sneakers to try to boost spending on the marketplace and lure more shoppers. He’s also trying to make eBay the go-to place for refurbished used goods to appeal to cost-conscious shoppers adjusting to inflation. On Monday, the company announced completion of its $295 million acquisition of collectible card game marketplace TCGplayer.
Sales will be $2.42 billion to $2.5 billion in the period ending in December, the San Jose, California-based company said Wednesday in a statement. Analysts, on average, projected $2.5 billion, according to data compiled by Bloomberg.
Last week, Amazon.com Inc. forecast its slowest ever holiday-quarter growth, sending the shares down 11% the next day.
EBay ended the quarter with 135 million active buyers, down 11% from a year earlier. Gross merchandise volume, which is the value of all goods sold on the site, fell 11% to $17.7 billion. The declines in both metrics slowed from the previous quarter.
Start your complimentary subscription to Digital Commerce 360 News to stay informed on the latest news and trends in ecommerce.