Tom Forte, D.A. Davidson Sr. Research Analyst, joins Yahoo Finance to discuss Sundar Pichai, Mark Zuckerberg, and Jack Dorsey testifying before the Senate Commerce Committee on section 230 and his thoughts on regulating big tech.
Amazon is the biggest online retailer in Europe, and today it took the next step in making that effort more localized. The company has launched a dedicated portal for Sweden at Amazon.se -- giving Swedish shoppers, third-party merchants and itself a local URL -- and a local logistics system, and a local marketing push -- for buying and selling goods and services online. Sweden, as Europe's 10th biggest economy by GDP, is a key market for Amazon and its growth strategy.
(Bloomberg) -- EBay Inc.’s forecast for sales in the holiday season fell short of some analysts’ estimates, shaking investor confidence in the online marketplace’s ability to benefit from a rapid shift of spending to websites from stores during the Covid-19 pandemic.Fourth-quarter sales will be $2.64 billion to $2.71 billion, the San Jose, California-based company said Wednesday in a statement. Analysts, on average, predicted $2.66 billion, with some projections running as high as $2.83 billion in what’s traditionally the year’s strongest quarter for retailers. Shares dropped to a low of $50.55 in extended trading after closing at $53.25 in New York.Pandemic-wary shoppers have turned to online marketplaces like EBay and Amazon.com Inc. to avoid stores in the era of social distancing. EBay reported gross merchandise volume, the value of all goods sold on its platforms, of $25 billion in the quarter, up 22% from a year earlier. Analysts estimated $24.5 billion. But the company said it ended the quarter with 183 million active buyers. That was less than analysts’ average prediction for almost 184 million, raising concerns about customer growth.Investors could be worried that EBay’s growth is lagging behind e-commerce growth overall, which is more than 30%, said Ron Josey, an analyst at JMP Securities.“You could argue they are still losing share here,” Josey said.Chief Executive Officer Jamie Iannone, who took the helm in April, is still trying to show that a slimmed-down EBay can compete with Amazon and Walmart Inc. Under pressure from activist investors, EBay in February completed the sale of its event-tickets marketplace StubHub to Viagogo for $4.05 billion. In July, EBay sold the classifieds business to Norway’s Adevinta ASA in a cash and stock deal worth $9.2 billion that leaves EBay with a 44.4% stake in the company.In the fourth quarter, profit, excluding some items, will be 78 to 84 cents a share, EBay said, compared with analysts’ estimates of 80 cents. Third-quarter revenue rose 25% to $2.6 billion. Analysts estimated $2.58 billion. Profit before certain items in the recent period was 85 cents per share, beating the average estimate of 80 cents.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.