eBay managed to reduce losses in the second quarter

One of the oldest and largest online trading platforms in the world, American eBay Inc. reportedthat in the second quarter its revenue reached $ 2.4 billion, which is 9% less than a year earlier. The trade turnover amounted to $18.5 billion, which is 18% lower than in the second quarter of last year. Net loss significantly decreased from $1.3 billion in the first reporting period to $536 million in the second. eBay CEO Jamie Iannone noted that the results of the second reporting period exceeded the team’s expectations.

“Despite the current macroeconomic headwinds, we remain confident in our long-term strategy. We are building eBay for the future, aiming for long-term and sustainable growth,” said Mr. Iannone.

However, according to the results of the first half of the year, the company’s net loss amounted to $1.87 billion, while the company made a profit a year earlier. During the second quarter, eBay took steps to reduce losses and regain its market position. So, in June eBay joined to the investment consortium The Chernin Group, and in May acquired KnownOrigin NFT marketplace.

After the publication of financial statements, eBay shares rose in price by 4.2%.

Yaroslav Plaksin

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