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EBay shares climb ahead of results
SAN FRANCISCO |
SAN FRANCISCO (Reuters) - EBay Inc (EBAY.O) shares climbed on optimism about the e-commerce company's results, due later Wednesday.
A blog on Wednesday by Scot Wingo, chief executive of e-commerce software provider ChannelAdvisor, highlighted a June speech by eBay executive Devin Wenig in which he said the active user base on eBay's online marketplace was growing at more than 10 percent, year over year.
"I don't think anyone on Wall Street picked up on this and since it was said in Q2, could point to a stronger quarter than many are forecasting," Wingo wrote in the blog.
EBay shares rose nearly 3 percent to $40.20 in afternoon trading. The stock hit $40.60 earlier in the day.
The company is scheduled to report results after the market closes.
EBay shares have slipped in recent weeks on concerns that Europe's economic woes may dent cross-border buying and selling on the company's online marketplace.
EBay gets higher commissions on cross-border transactions and it is common for Europeans to buy from American and Chinese sellers through the company's marketplace.
But a decline in the value of the euro during the second quarter likely cut the purchasing power of Europeans by about 6 percent, according to Herman Leung, an analyst at Susquehanna Financial Group. (Reporting by Alistair Barr; editing by Jeffrey Benkoe)
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