(Reuters) -EBay Inc reported a marginal rise in quarterly revenue on Wednesday, a sign the pandemic-led boom for online shopping was waning, sending the e-commerce platform’s shares down nearly 12%.
E-commerce companies have raked in large profits as online shopping boomed during the pandemic, but vaccine rollouts could alter their fortunes as people return to brick-and-mortar shopping.
This would mean more trouble for EBay as it already faces stiff competition from larger rivals including Amazon and Walmart Inc’s online business.
The company’s revenue rose 5% to $2.61 billion in the fourth quarter ended Dec. 31, in-line with analysts’ average estimate, according to IBES data from Refinitiv.
Gross merchandise volume, the total dollar value of sales on eBay from which the company takes a percentage, fell 10% to $20.7 billion in the quarter.
Loss from continuing operations stood at $893 million or $1.47 per share in the quarter.
(Reporting by Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)