EBay Cuts FY22 Outlook; Shares Down 6%

(RTTNews) - While reporting its results for the first quarter on Wednesday, e-commerce giant eBay Inc. (EBAY) lowered its outlook for the full year 2022, sending its shares down 6% in extended session.

Looking forward to the full year 2022, the company now expects a loss of $0.25 to $0.05 per share, adjusted earnings of $3.90 to $4.10 per share and revenues of $9.6 to $9.9 billion.

Previously, the company expected earnings of $3.15 to $3.35 per share, adjusted earnings of $4.20 to $4.40 per share, and revenues of $10.3 billion to $10.50 billion.

Analysts polled by Thomson Reuters expect the company to post earnings of $4.34 per share on revenues of $10.39 billion for the year.

eBay's Board of Directors declared a cash dividend of $0.22 per share, payable on June 17, 2022 to stockholders of record as of June 1, 2022.

EBAY closed Wednesday's trading at $54.42, up $0.96 or 1.80%, on the Nasdaq. The stock, however, slipped $3.23 or 5.94%, in the after-hours trading.