(Reuters) -Ecommerce company EBay Inc on Wednesday forecast first-quarter revenue above Wall Street estimates on hopes that cost-conscious shoppers would be attracted towards its used and refurbished product category in the face of a looming recession.
Shares of the San Jose, California- based company rose nearly 2% in trading after the bell.
Ebay’s innovation, which includes a shift to expanded categories of collectibles, refurbished products as well as luxury goods such as watches, handbags and sneakers is helping it to drive sales at a time when economic uncertainty is weighing on most businesses. The company has also raised its game by investing in motors parts and accessories.
EBay posted revenue of $2.51 billion, compared to analysts’ estimate of $2.47 billion, according to Refinitiv IBES data.
The company forecast current-quarter revenue between $2.46 billion and $2.50 billion. Analysts are expecting $2.37 billion.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber)
