Why eBay Stock Tanked Today
Even by the standards of an awful trading session for stocks generally, eBay (NASDAQ: EBAY) shares took a massive hit on Thursday. The storied e-commerce company published its latest set of quarterly earnings, and some of its numbers greatly dismayed investors.
Optimistically describing its first-quarter performance as "better than expected," eBay unveiled those figures after market hours on Wednesday. These showed that the company earned $2.5 billion in revenue, which was 6% lower than the corresponding period of 2021. The decline in gross merchandise volume (GMV) was even steeper; it fell 20% to $19.4 billion.
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Source Fool.com
