EBay Inc. on Wednesday forecast current-quarter revenue above Wall Street projections after beating March-quarter earnings estimates, as it benefits from its strategy of focusing on product categories including sneakers and watches.
A selective push from the ecommerce firm also on items like collectibles and refurbished products is helping it drive sales at a time when consumer spending has moderated due to high inflation.
“There remains a dynamic and uncertain macro economic environment across the globe with inflation and rising interest rates and pressured consumer confidence … but our focus categories remain relatively resilient,” Chief Executive Jamie Iannone said in an interview.
The upbeat results soothed investor sentiment, which was hit after eBay earlier this year said that demand weakness will persist in the first half of 2023. The company’s shares rose 5% in after-hours trading….