FILE PHOTO: The eBay logo is pictured on a screen in this photo illustration in New York, U.S., July 23, 2019. REUTERS/Brendan McDermid/Illustration/File Photo
(Reuters) – EBay Inc (EBAY.O) raised its current-quarter revenue and profit forecasts on Thursday, as people stuck at home due to the COVID-19 pandemic ordered more through its online platform, sending its shares to a record high.
Soaring online demand has boosted performance of e-commerce companies as well as helped traditional retailers’ businesses.
While Walmart (WMT.N) and Target (TGT.N), which also sell essential goods, recorded their best online sales in years, specialty retailers American Eagle (AEO.N) and Best Buy (BBY.N) sold more online as stores remained closed during lockdowns.
EBay said demand was strong across all its businesses, including home & garden, electronics, fashion and collectibles, with the company now expecting second-quarter gross merchandise volume growth rate to be between 23% and 26% from a…
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