(Reuters) -Ebay Inc on Wednesday beat Wall Street targets for quarterly revenue and profit, bolstered by resilient demand for luxury collectibles and investments to pull in more shoppers to its platform.
Shares of the company were up 6% in extended trading, following an about 40% slump in the year so far.
Ebay has expanded the categories on its platform to offer pre-owned sneakers and jewelry as it looks to tap rising demand for high-value souvenirs such as electronics, trading cards and watches.
It has also added more payment options and built new partnerships to assesses the authenticity of collectibles. The company recently acquired trading card platform TCGplayer and ecommerce firm myFitment.
However, the midpoint of eBay’s holiday-quarter revenue forecast of $2.42 billion to $2.50 billion came in slightly below analysts’ expectations of $2.49 billion, according to Refinitiv data.
Industry bellwether Amazon.com Inc had also signaled a dour holiday season as this year’s surge in prices of food, gas and other essentials forced cash-strapped consumers to put casual shopping on the back burner.
eBay projected adjusted profit between $1.03 and $1.09 per share for the key holiday quarter, in line with expectations of $1.06 per share.
Its third-quarter revenue fell 5% to $2.4 billion, surpassing estimates of $2.32 billion.
On an adjusted basis, the company earned $1 per share, beating estimates by 7 cents.
(Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath)
