Shares of eBay Inc (NASDAQ:EBAY) fell more than 5% after the company posted underwhelming guidance for the holiday quarter.
The ecommerce company guided for fourth-quarter earnings between $1 and $1.05 on revenue between $2.47 billion to $2.53 billion. Analysts had projected $1.05 per share on sales of $2.6 billion.
For the third quarter, eBay reported adjusted earnings of $1.03 per share on sales of $2.5 billion, roughly in line with expectations of $1 per share on revenue of $2.5 billion.
"We delivered another quarter of solid results, and have accelerated the pace of innovation across eBay," CEO Jamie Iannone said in a statement.
"The strategic investments in our marketplace and the team's strong execution are driving increased customer satisfaction, especially in focus categories. In the face of macroeconomic uncertainty, we continue to make meaningful progress against our ambitious vision to reinvent the future of ecommerce for enthusiasts."
Shares of eBay dropped 5.6% after hours to $38.47.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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