EBay (EBAY) reports the e-commerce giant’s third-quarter results are expected after the US market closes tonight (Oct. 28), with Zacks having a forecast for the third-quarter return at $ 0.86 per share. While Zacks’ first and second quarter forecasts were higher than the two-quarter forecast of + 4.05% and + 2.86%, this quarter’s revenue is expected to be $ 2.68 billion. 1.2% higher than the same quarter last year.
EBay’s share price this year is up 48.30% , with a 52- week high of $ 61.06 per share seen at the beginning of last July and it is now trading at $ 53.55 per share.
For this year with the coronavirus outbreak, EBay, as one of the world’s largest e-commerce platforms, has benefited from online spending while people are confined to their homes. This can be seen in Q1 and Q2 sales increased by + 1.24% and + 2.49% respectively, although consumer spending behavior may change after the coronavirus outbreak in the first half of the year. But with the easing of the lock-down measure in the third quarter, it could reduce sales of the e-commerce giants, Zacks expecting a third-quarter EBay earnings report to come in at $ 2.68 billion. This was down from the first and second quarters of revenue at 2.37 billion and 2.86 billion, respectively.
From a technical perspective, EBay’s share price is still in a new uptrend. The price is still stuck at the MA50 at the zone 54.00 if the results are good. It is possible for us to see the price go up testing the first resistance at 56.50, while the next resistance is waiting at the original high at 60.00. There will be a first support line at 51.50.
However, as the price continues to circulate around the high zone, the area on the upside is less. While the downside area is more open, with the MA200 waiting in the $ 46.00 per share zone.
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Chayut Vachirathanakit
Market Analyst – HF Educational Office – Thailand
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