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EBay expects revenue increase from shoes and reconditioned goods.

Photo: Ebay

After smashing March-quarter profit predictions, eBay Inc. (EBAY.O) estimated current-quarter sales above Wall Street expectations on Wednesday, benefiting from its concentration on footwear and watches.

At a time when consumer purchasing has slowed owing to high inflation, the online company is focusing on collectibles and reconditioned products.

“There remains a dynamic and uncertain macro economic environment across the globe with inflation, rising interest rates, and pressured consumer confidence… but our focus categories remain relatively resilient,” Chief Executive Jamie Iannone said in an interview.

After eBay earlier this year predicted a demand decline in the first half of 2023, the positive findings lifted market morale. As a result, shares climbed 5% after hours.

Refurbished gadgets, luxury bags, watches, and collectibles are growing on eBay. TCG player was acquired last year.

Refinitiv estimates eBay’s June-quarter sales at $2.47 billion to $2.54 billion, up from $2.43 billion. The March quarter’s $2.51 billion revenue topped analysts’ $2.48 billion projection. Adjusted EPS of $1.11 exceeded estimates of $1.07.

However, gross merchandise volume declined by 5% to $18.4 billion. “EBay seems to be gaining its original, innovative mojo with improved payment, marketing, storage, user interface, and authentication,” said Running Point Capital Advisors chief investment manager Michael Ashley Schulman.

“Yet their potential earnings growth and turnaround capabilities don’t seem to be baked into the stock price.” eBay’s shares have risen 4.6% this year, compared to 13.3% for the tech-heavy Nasdaq index (.IXIC).

 

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