EBay expects revenue growth of up to 6% in 2023, launches digital wallet
Reuters
Published Mar 10, 2022 02:58PM ET
Updated Mar 10, 2022 03:55PM ET
(Reuters) - E-commerce company eBay Inc (NASDAQ:EBAY) said on Thursday it expects revenue to grow between 5% and 6% in fiscal 2023, and launched its first digital wallet.
Analysts polled by Refinitiv estimated 2023 revenue of $10.95 billion, which indicates a growth of 5.5%.
EBay saw strong demand from the online shopping boom last year during the COVID-19 pandemic, but is now scrambling to sustain the momentum as people return to regular living.
Moreover, analysts have said that eBay, which is still in the early stages of product innovation, faces tough competition from rivals such as Amazon.com Inc (NASDAQ:AMZN).
EBay said the digital wallet would let customers use proceeds from their sales to conveniently purchase their next item or pay their selling expenses.
"We see incredibly compelling growth potential in this market," Chief Executive Officer Jamie Iannone said.
The company also launched eBay Vault, a digital marketplace and storage facility for trading cards and collectibles, which is expected to launch in the United States in the next quarter.
Shares of the company fell 1.1% to $52.5 in extended trading.
The company expects adjusted profit to rise about 10% in 2023, it said at its investor day. For fiscal 2024, eBay forecast revenue to grow in the range of 7% to 8%, and adjusted profit to rise about 15%.
Last month, eBay had forecast bleak first-quarter results as it tackles waning online demand, stiff competition and global supply chain disruptions.
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Written By: Reuters
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