EBay Inc reported better-than-expected quarterly profit and raised its full-year outlook as the COVID-19 pandemic drove a surge in online shopping. With people staying at home due to lockdowns, more individuals turned to their mobile phones and computers to make purchases, benefiting e-commerce giant eBay. The company now predicts its adjusted profit for the full year to be between $3.47 and $3.59 per share, surpassing the forecast of $3.51 per share by analysts.

The pandemic has been a boon for e-commerce and online-focused companies, with high expectations placed on their performance. However, despite the positive quarterly results, eBay’s shares fell by almost 3% in extended trading. The decline in stock price is believed to be influenced by the recent decision to sell its classified ads business for $9.2 billion and the appointment of a new CEO, Jamie Iannone. Some investors are concerned that the new CEO may reinvest the gains to strengthen the company’s competitive position, leading to the drop in stock price.

In the second quarter, eBay’s revenue rose to $2.87 billion from $2.42 billion in the same period last year, exceeding analysts’ estimates. Adjusted earnings per share were $1.08, surpassing the forecast of $1.06 per share. Despite the slight dip in stock price, eBay’s shares have soared by about 56% this year.

The COVID-19 pandemic has had a significant impact on the e-commerce industry, forcing consumers to turn to online shopping for their needs and safety. Companies like eBay have seized this opportunity and adapted their strategies to meet the rising demand. As the pandemic continues to shape consumer behavior, e-commerce is expected to remain a crucial sector in the global economy.

For more information about eBay’s quarterly results and its performance during the COVID-19 pandemic, you can visit the following links:

1. EBay Exceeds Profit Estimates as Online Shopping Booms – Reuters
2. EBay Turned Profit As Pandemic Drove Stay-At-Home Economy Boom – CBS News