EBay Profit Declines Amid Strategic Review
January 28 2020 - 5:25PM
Dow Jones News
By Kimberly Chin
EBay Inc. reported a decline in sales in the latest quarter,
amid a strategic review that led the online marketplace to shake up
its leadership ranks and sell off part of its business.
The e-commerce company's quarterly profit fell to $556 million,
or 69 cents a share, from $760 million, or 80 cents a share, a year
earlier. On an adjusted basis, profit was 81 cents a share.
Analysts polled by FactSet were expecting adjusted per-share
earnings of 76 cents.
Net revenue fell 2% from a year ago to $2.82 billion, marking
the first year-over-year quarterly decline since eBay spun out of
payments company PayPal Holdings Inc. in 2015. Still, revenue
pulled slightly ahead of analysts' estimates of $2.81 billion.
Its shares, which closed Tuesday at $36.21, fell 2.3% in
after-hours trading.
Late last year, eBay agreed to sell its ticketing business
StubHub to Geneva-based Viagogo Entertainment Inc. for $4.05
billion. EBay has owned StubHub since 2007, when it bought the
business from StubHub co-founders Eric Baker and Jeff Fluhr for
$310 million.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
January 28, 2020 17:10 ET (22:10 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
eBay (NASDAQ:EBAY)
Historical Stock Chart
From Mar 2024 to Apr 2024
eBay (NASDAQ:EBAY)
Historical Stock Chart
From Apr 2023 to Apr 2024
