Last week eBay was seeing the effects of the lockdown on its business. eBay's marketplaces were experiencing a demand surge. However, car dealers closed and advertising slowed more widely and this hit eBay's classified advertising platforms.
eBay removed or blocked more than 15 million listings in order to ensure its platforms remains safe and trusted. Some of the listings, which were blocked, made false health claims or were offering products for inflated 'price gouging' sums.
eBay said that from the start of the quarter through mid-March the underlying business performance was better than their expectations. However, the company said it was unclear about how things would change in the future. eBay explained that it is difficult to predict what may result as the lockdown guidelines are eased and lifted. The company is uncertain about how the global consumer demand and seller inventory may evolve over time.
During the COVID-19 crisis, eBay is supporting various retailers on its market place. Currently, the company is helping high street retailers speed up the way they sell in the United States. Meanwhile, in the United Kingdom, eBay is involved in building a marketplace platform. This marketplace platform is meant for the UK government to distribute protective equipment to health and care workers. In addition, the company has also given support to its staff, communities and customers.
Last week eBay reported its first quarter figures. The company reported net revenues of $2.4 billion. This is 2% less than the same quarter last year. The company's net income was $586 million, 1% less than last time. However, eBay does expect sales to grow between 2% and 6% on last year during the second quarter.
The company said that most of its current staff around the world are working from home. Although, the company is now starting to return to offices in China, Taiwan and Korea.
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