Facebook launches 'Marketplace' and shares in eBay tumble 3%
Investing.com
Published Oct 03, 2016 09:08AM ET
Shares in eBay slump 3% as Facebook launches ‘Marketplace’
Investing.com – Shares of eBay were down more than 3% in pre-market trade on Monday as Facebook introduced a new section that could compete with the online sales firm.
According to Facebook’s director of product management Mary Ku, over 450 million of its users already visit buy and sell groups each month.
Hence, the strategy was to create the section called “Marketplace” which Ku defined as “a convenient destination to discover, buy and sell items with people in your community.”
Facebook said that the Marketplace will roll out to everyone over 18 years old on its app for iPhone and Android in the U.S., U.K., Australia and New Zealand in the next few days.
“We will continue expanding to additional countries and make Marketplace available on the desktop version of Facebook in the coming months,” it said.
While shares of Facebook Inc (NASDAQ:FB) saw little movement in pre-market trade, eBay Inc (NASDAQ:EBAY) seemed to suffer from speculation over the impact from increased competition and tumbled 3.65% to $31.70, at 9:07AM ET (13:08GMT).
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