WMT - eBay Delivered A Pleasant Fourth Quarter Surprise Despite Ongoing Weaknesses | Benzinga
On Tuesday, eBay Inc (NASDAQ: EBAY) topped market expectations with its fourth quarter performance. Last month, the online marketplace slashed about 1,000 jobs which adds up to about 9% of its workforce as the industry braces for an uncertain macroeconomic outlook. Even its rival e-commerce giant Amazon.com Inc (NASDAQ: AMZN) wasn’t immune to the layoffs wave. At the beginning of February, Amazon confirmed more layoffs across its Amazon Pharmacy and One Medical segments after initiating job cuts in January across its entire business, including its Buy With Prime and streaming units.
Fourth Quarter And 2023 highlights
For the quarter ended on December 31st, 2023, eBay reported that revenue grew 2% to $2.56 billion, beating LSEG’s average estimate of $2.51 billion, as business improved toward the end of November, particularly in the U.S. This fourth quarter revenue is eBay’s highest since 2021’s comparable quarter, when it reached $2.61 billion, but its highest quarterly revenue since the beginning of the COVID-19 era is $3.02 billion it generated during 2021’ first quarter.
Adjusted profit per share amounted to $1.07, topping the estimate of $1.03 per ...