EBay Inc posted first-quarter revenue that missed some analysts' estimates and forecast disappointing sales and profit for the current period with weakness in Europe weighing on growth at its PayPal unit.
First-quarter sales stood at $3.75 billion, according to the company's statement released yesterday. The sales fell short of the $3.77 billion figure projected by analysts.
The San Jose, California-based company's shares were down as much as 3.7 per cent to $54 in extended trading in the morning.
The company's sales growth fell to 18 per cent in the first quarter from 32 per cent a year earlier.
The online-payment unit took in less money from each transaction, hurt by an economic slowdown as also weaker currencies in Europe, according to EBay. According to some analysts, sluggish growth abroad might continue hurting the company in the second quarter.
They added there appeared to be a global slowdown and EBay had not been able to escape it.