(Reuters) -EBay Inc's second-quarter profit forecast came in below market expectations as it faces fierce competition from bigger rivals including Amazon.com Inc for a slice of the pandemic-led online shopping boom, sending its shares down 6%. While the company's focus on its advertising and payments business and a simpler e-commerce platform have benefited its business, Amazon remains a favorite online shopping destination for most consumers. The rise of Canada's Shopify Inc,, which smashed earnings estimates earlier on Wednesday, has also piled on the pressure on eBay. EBay said it expected current-quarter adjusted profit in the range of 91 cents to 96 cents per share, below a Refinitiv IBES estimate of $1.02 per share. The company's operating margin rose to 27.9% in the quarter, from 26.5% a year earlier.

Source: The Star April 28, 2021 20:15 UTC