Retail in Asia

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EBay’s disappointing forecast fuels stock decline

EBay Inc forecast weaker-than-expected revenue and profit for the current quarter and full year, as the e-commerce company struggles against a strong dollar while trying to revamp its core marketplace business.

The company forecast full-year adjusted profit of USD1.82-USD1.87 per share and revenue of USD8.5 billion-USD8.8 billion. That was lower than analysts’ average expectation of USD1.98 per share in profit and USD8.99 billion in revenue, according to Thomson Reuters I/B/E/S. In 2015, it reported USD8.6 billion in revenue.

The online retailer, which faces intense competition from e-commerce giant Inc, has also been hit by brick-and-mortar rivals like Wal-Mart Stores Inc that are aggressively boosting their online presence.