EBay's third-quarter forecast misses estimates

(Reuters) - EBay Inc (EBAY.O) forecast third-quarter profit below analysts’ estimates on Wednesday as efforts to revamp its e-commerce platforms failed to impress investors.

FILE PHOTO: The eBay app is seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration/File Photo

Shares of eBay were down 2 percent at $37.21 in after-hours trading.

The company forecast third-quarter adjusted profit of 54 cents-56 cents per share and revenue of $2.64 billion to $2.69 billion. Analysts on average were expecting a profit of 56 cents per share and revenue of $2.66 billion, according to Thomson Reuters I/B/E/S.

The company also lowered its full-year revenue forecast to between $10.75 billion and $10.85 billion from $10.9 billion and $11.1 billion previously.

The online marketplace has been splurging on advertising brands available on its platform and on developing a more user-friendly format to better compete with the likes of Amazon.com (AMZN.O).

Excluding items, the company earned 53 cents per share, beating analysts’ average estimate of 51 cents.

Revenue rose to $2.64 billion from $2.42 billion.

Reporting by Arjun Panchadar in Bengaluru; Editing by Shounak Dasgupta

(Original source)