San Francisco: EBay Inc cut its 2014 revenue forecast to less than $18 billion on Wednesday and issued a lower-than-expected outlook for the critical holiday-dominated fourth quarter, sending shares down more than 3 percent in after-hours trading.
The e-commerce company, which plans to split from its PayPal payments division next year, earned 68 cents per share for the third quarter. On average, analysts had expected 67 cents per share, according to Thomson Reuters I/B/E/S.
EBay said it was reducing its full-year revenue outlook to between $17.85 billion and $17.95 billion, down from its previous range of $18 billion to $18.3 billion.
The company also predicted fourth-quarter revenue of less than $5 billion, falling short of the $5.2 billion expected by Wall Street. EBay expects fourth-quarter earnings per share between 88 and 91 cents, while Wall Street expected 91 cents.
