EBay Profit Declines Amid Strategic Review -- Update

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 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 [e-mail]

(END) Dow Jones Newswires

January 28, 2020 17:25 ET (22:25 GMT)

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