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EBay on Wednesday forecast second-quarter revenue above Wall Street estimates, signalling that the e-commerce marketplace’s focus on luxury and refurbished goods is helping attract shoppers despite a challenging economic backdrop.
The company’s strategy to pivot away from low-value, high-volume items is gaining traction. EBay has been focusing on “enthusiast” buyers in categories like luxury watches, handbags, sneakers and refurbished electronics.
In February, eBay announced the acquisition of Depop for nearly $1.2 billion, to expand its presence in the pre-used fashion category.
The company expects quarterly revenue in the range of $2.97 billion to $3.03 billion, compared with analysts’ average estimate of $2.97 billion, according to data compiled by LSEG.
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By Juby Babu; Editor: Sahal Muhammed
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EBay Acquires Depop From Etsy for $1.2 Billion
With the purchase, the e-commerce giant is gaining a critical foothold with younger shoppers and will expand its share in luxury resale.
