The number of active buyers declined for the seventh quarter in a row.
When the pandemic surge receded, eBay Inc. issued a warning to investors that sales would continue to fall in the second half of the year, raising concerns about the management’s capacity to restart growth in the online market.
According to Edward Jones & Co. analyst Brian Yarbrough, “eBay is back to where it was before the pandemic, losing clients and reducing sales.”
Company shares declined in extended trading.
To boost sales of high-end goods like watches and enhance revenue, the company advertises its ability to restore merchandise.
eBay creates climate-controlled vaults to keep trading cards and other collectibles and offers exchange and authentication services in an effort to entice collectors.
Jamie Iannon, the chief executive, has announced the layoff of around 500 employees this month, or 4% of the workforce, in an effort to reduce expenses to match dropping sales.