Why eBay Stock Plunged Today
Shares of e-commerce platform eBay (NASDAQ: EBAY) plunged on Thursday after the company reported financial results for the fourth quarter of 2024. At noon ET, eBay stock was down by 7%, but it had been down as much as 11% earlier in the day.
In Q4, eBay modestly surpassed guidance from management. The company's revenue of $2.6 billion was up 1% year over year. This nominal growth was thanks to a 4% increase in gross merchandise volume (the dollar value of sales on its platform). And for the year, its revenue of $10.3 billion was up 2% from 2023.
Investors seem to be more disappointed, however, with eBay's guidance for the first quarter of 2025. Management expects Q1 revenue to grow 1% at most. That growth rate has been normal in recent quarters. But investors had been hopeful that its growth would pick up because Meta Platforms is starting to allow eBay listings on its Facebook Marketplace.
Source Fool.com
Meta Platforms Inc. Stock
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