Washington, March 11 (BUS): E-commerce company eBay Inc (EBAY.O) said Thursday it expects revenue growth of 5% to 6% in fiscal year 2023, and launched its first digital wallet.
Analysts in a survey by Refinitiv estimated revenue in 2023 at $10.95 billion, indicating 5.5% growth, Reuters reported.
eBay experienced strong demand from the online shopping boom last year during the COVID-19 pandemic, but is now striving to maintain momentum as people return to normal life.
Moreover, analysts said that eBay, which is still in the early stages of product innovation, faces stiff competition from competitors such as Amazon.com Inc.
eBay said the digital wallet will allow customers to use their sales proceeds to easily buy the next item or pay for their selling expenses.
“We see incredibly compelling growth potential in this market,” said CEO Jimmy Iannon.
The company also launched the eBay Vault, a digital marketplace and storage facility for trading cards and collectibles, which is expected to launch in the US next quarter.
The company’s shares fell 1.1 percent to 52.5 dollars in extended trading.
The company said on Investor Day that the company expects adjusted earnings to rise about 10% in 2023. For fiscal year 2024, eBay forecast revenue to grow in the range of 7% to 8%, and adjusted earnings to rise about 15%.
Last month, eBay forecast bleak first-quarter results as it addresses dwindling online demand, fierce competition and global supply chain disruptions.
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