WASHINGTON, March 11— E-commerce company eBay Inc said on Thursday it expects revenue to grow between 5 per cent and 6 per cent in fiscal 2023, and launched its first digital wallet.
Analysts polled by Refinitiv estimated 2023 revenue of US$10.95 billion (RM45.8 billion), which indicates a growth of 5.5 per cent.
EBay saw strong demand from the online shopping boom last year during the Covid-19 pandemic, but is now scrambling to sustain the momentum as people return to regular living.
Moreover, analysts have said that eBay, which is still in the early stages of product innovation, faces tough competition from rivals such as Amazon.com Inc.
EBay said the digital wallet would let customers use proceeds from their sales to conveniently purchase their next item or pay their selling expenses.
“We see incredibly compelling growth potential in this market,” Chief Executive Officer Jamie Iannone said.
The company also launched eBay Vault, a digital marketplace and storage facility for trading cards and collectibles, which is expected to launch in the United States in the next quarter.
Shares of the company fell 1.1 per cent to US$52.5 in extended trading.
The company expects adjusted profit to rise about 10 per cent in 2023, it said at its investor day. For fiscal 2024, eBay forecast revenue to grow in the range of 7 per cent to 8 per cent, and adjusted profit to rise about 15 per cent.
Last month, eBay had forecast bleak first-quarter results as it tackles waning online demand, stiff competition and global supply chain disruptions. — Reuters
