EBay Inc beat Wall Street estimates for quarterly profit on Tuesday and raised its full-year outlook, as the e-commerce company benefited from a surge in online shopping by people staying indoors due to coronavirus-driven lockdowns.
) beat Wall Street estimates for quarterly profit on Tuesday and raised its full-year outlook, 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. Wedbush analyst Ygal Arounian said that e-commerce related stocks have largely outperformed since the beginning of the pandemic and expectations are really high.Shares of eBay, which have surged about 56% so far this year, fell nearly 3% to $54.75 in extended trade.
Pressure from the activist investors also resulted in the company naming Walmart executive Jamie Iannone as its top boss in April, handing over the reins to an outsider.
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