eBay Forecasts Revenue Below Expectations Amid Easing Coronavirus Restrictions

eBay Inc’s revenue forecast for the current quarter was below analysts’ expectations, signaling that the online shopping boom could fade amid vaccinations and the lifting of coronavirus restrictions.

eBay expects third-quarter revenues in the $ 2.42-2.47 billion range, while analysts had forecast $ 2.92 billion in revenue, according to IBES data from Refinitiv.

The company’s shares fell 1% in trading after the close of the official session on Wednesday.

eBay reported that second-quarter revenue rose about 14% to $ 2.68 billion. It is the lowest growth rate in the last four quarters. Analysts had expected sales of $ 3.00 billion.

The company earned 99 cents a share, higher than analysts forecast of 95 cents on an adjusted basis.

eBay also increased its share buyback program by $ 3 billion.