London, Oct 17: eBay has reportedly forecasted a lower-than-expected sales and profit figure for its fourth quarter, citing slowing growth in online shopping rates in the US.
The online auction and retail giant said that it expected sales between 4.5 billion dollars and 4.6 billion dollars, despite the holiday season being a key shopping period for the firm.
According to the BBC, eBay’s shares fell as much as 5 percent soon after the slumping sales expectation announcement.
eBay’s Chief Financial Officer, Bob Swan said that the US e-commerce softened considerably and the company has a cautious outlook for the holiday season.
The report said that the firm’s net income for the third quarter was 689 million dollars, up by 15 percent compared to the same period last year, while its sales rose 14 percent for the same quarter due to growth in mobile trading. (ANI)