eBay Tries to Catch Up With Rivals, Misses Second-Quarter ForecastsEBay’s total operating expenses rose 16.1 percent to $1.44 billion (roughly Rs. 9,600 crores) in the first quarter. The organization’s shares were down 4.5 percent at $39.11 (roughly Rs. 2,600) in trading.

The business has been attempting to woo shoppers by refurbishing the homepage of its own website and which makes it simple for searches in addition to by ensuring the authenticity of premium products it sells.

“We’re investing to construct our product and capabilities linked to intermediated payments and improving the customer experience,” CFO Scott Schenkel stated on a post-earnings call. “We expect the level of investment to increase over time.”

EBay said it expects net revenue for the second quarter to be between $2.64 billion and $2.68 billion. Analysts were anticipating it to become $2.69 billion.

The company prediction second-quarter earnings per share in the range of 50 cents to 52 cents per share. The midpoint of the scope came in below the average analyst estimate of 52 cents.

In the reporting quarter, 171 million active buyers utilized the organization’s website, missing the average analyst estimate of 173.4 million buyers, according to data and analytics company Factset.

But, its gross merchandise volume – the entire value of all goods offered on its websites – climbed 13 percent to $23.6 billion (approximately Rs. 1.58 lakh crores), cleaning beyond the analyst goal of $23.1 billion, according to FactSet.

Revenue climbed to $2.58 billion (roughly Rs. 17,200 crores) from $2.30 billion.

Excluding one-time items, the San Jose, California-based firm earned 53 cents per share, based on analysts’ estimates of 53.