EBay Q3 beats estimates, achieves £2bn in revenue

EBay Q3 beats estimates with £2bn in revenue
EBay raises full year outlook on back of encouraging third quarter.
// Ebay beats analyst estimates for Q3 with revenue in at $2.61 billion
// Online marketplace saw active buyers grow 5% during the quarter
// Raises full year sales outlook

Ecommerce giant eBay on Wednesday revealed its third quarter revenue had topped Wall Street expectations thanks to the surge in online shopping this year.

With shoppers across eBay’s markets stuck at home and choosing to shop online due to the spread of coronavirus, the company saw revenue rise from USD 2.08 billion (£1.60 billion) to USD 2.61 billion (£2.01 billion) for the quarter ending September 30.

EBay beat out analysts’ average estimate of USD 2.48 billion (£1.91 billion), according to IBES data from Refinitiv.

“I’m pleased with the third quarter results,” eBay chief executive Jamie Iannone said.

READ MORE: Ebay UK creates “new wave” of millionaires amid uncertainty

“On an apples to apples basis, we delivered results that exceeded expectations on both the top and bottom lines. Our third quarter performance reflects the strength of our newly focused strategy coupled with the enormous untapped potential of our marketplace.

“As we continue our multi-year journey to become the best global marketplace to buy and sell, I am proud of the progress our team is making toward our tech-led reimagination,” Iannone added.

EBay noted that its annual active buyers grew by 5 per cent for the period, up to a total of 183 million global active buyers.

Looking ahead, eBay said it expects fourth quarter revenue in the range of USD 2.64 billion (£2.03 billion) to USD 2.71 billion (£2.09 billion), while analysts estimate USD 2.54 billion (£1.96 billion), according to IBES data from Refinitiv.

The retailer raised its full-year sales outlook to between USD 10.04 billion (£7.73 billion) and USD 10.11 billion (£7.78 billion).

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