Daily Management Review

eBay cuts losses in Q2


eBay Inc., one of the biggest and oldest online marketplaces in the world, stated that its revenue in the second quarter was $2.4 billion, a 9 percent decrease from the same period last year.

Turnover was $18.5 billion, an 18% decrease from the same period last year. The net loss decreased dramatically from $1.3 billion in the first reporting period to $536 million in the second. Earnings for the second quarter were better than expected, according to Jamie Iannone, CEO of eBay.

"We continue to be optimistic in our long-term approach in spite of the current macroeconomic headwinds. Building eBay for the future and pursuing sustainable, long-term growth," Mr. Iannone commented.

The corporation had a profit a year earlier; by the end of the first half of the year, it had a net loss of $1.87 billion. eBay took action to cut losses and regain its market position during the second quarter. For instance, eBay acquired NFT-marketplace KnownOrigin in May and joined investment group The Chernin Group in June.

Following the reports' publication, the price of eBay shares increased by 4.2 percent.

source: wsj.com