New Delhi: American e-commerce company EBay Inc’s shares fell more than 12 percent to USD 23.51 with disappointing forecast and weaker-than-expected revenue and profit for the current quarter and full year. The online retailer, which faces intense competition from e-commerce giant Amazon.com Inc is also struggling against a strong dollar, reports Reuters.
“While not a direct competitor in every respect, the growth of (Amazon’s) successful Prime service has locked more customers into using its services and sites in a way that is unhelpful to eBay,” said Carter Harrison, a retail analyst at research firm Conlumino.
Headquartered in San Jose, California, eBay Inc. provides consumer-to-consumer and business-to-consumer sales services via the internet. It was founded by Pierre Omidyar in 1995, and became a notable success story of the dot-com bubble. Today it is a multibillion-dollar business with operations localized in over 30 countries.