Ebay raises current-quarter sales, profit forecast on higher demand

Ebay Inc raised current-quarter revenue and profit forecast on Thursday, as people stuck at home due to the COVID-19 pandemic ordered more from the e-commerce platform, sending its shares up 10%.

Stay-at-home orders to curb the rapid spread of the new coronavirus led to a sharp rise in online shopping and orders for e-commerce companies including eBay, Amazon.com Inc and Walmart Inc's online business.

Ebay said its full-year performance will likely be above the range it forecast earlier. In April, it estimated full-year revenue between $9.56 billion and $9.76 billion (£7.80 billion).

It expects second-quarter revenue to be between $2.75 billion and $2.80 billion, compared with earlier estimates of $2.38 billion to $2.48 billion.

It also raised its adjusted profit forecast to between $1.02 and $1.06 per share from an earlier range of $0.73 to $0.80 per share.