CALIFORNIA: EBay Inc became the latest eCommerce retailer to give a gloomy revenue forecast as growth slows after two years of rapid expansion during the pandemic, sending its shares down 6% in extended trading.

       The company projected second-quarter between US$2.35bil (RM10.2bil) and US$2.40bil (RM10.4bil), compared with the average analyst expectation of US$2.54bil (RM11bil), according to IBES data from Refinitiv.

       Its full-year forecast was also below market estimates.

       The dour view reflects the expected hit from a return of pre-pandemic shopping habits and stubbornly high inflation, which is likely to curtail consumer spending. It also mirrors weakness seen at larger rival Amazon.com Inc last week.

       In the first three months of the year, eBay’s gross merchandise volume – a widely watched figure for the eCommerce industry’s performance – slumped 20% to US$19.4bil (RM84bil).

       Revenue fell 6% to US$2.48bil (RM10.8bil), but came in slightly above expectations of US$2.46bil (RM10.7bil). — Reuters