By Maria Armental

EBay Inc. lowered financial projections for the year as it swung to a quarterly loss driven by its equity investments and the value of goods sold and active buyers fell again.

The company reported a first-quarter loss of $1.34 billion, or $2.28 a share, compared with a year earlier profit of $641 million, or 92 cents a share. On an adjusted basis, profit from continuing operations was $1.05 a share.

Net revenue fell to $2.48 billion.

The company projected 79 cents to 83 cents a share in profit from continuing operations, or $1.01 to $1.05 a share as adjusted, and $2.43 billion to $2.48 billion in revenue. Meanwhile analysts surveyed by FactSet expected 83 cents a share, or $1.03 a share as adjusted, and $2.46 billion in revenue.

Annual active buyers fell to 142 million.

Gross merchandise volume for the quarter, including all paid transactions along with shipping fees and taxes, fell 20% to $19.41 billion, compared with the $19.56 billion analyst consensus.

For the year, eBay now projects a loss from continuing operations of 5 cents to 25 cents a share, or an adjusted profit of $3.90 to $4.10 a share, and $9.6 billion to $9.9 billion in revenue. It earlier projected a profit from continuing operations of $3.15 to $3.35 a share, or $4.20 to $4.40 a share as adjusted, and $10.3 billion to $10.5 billion in revenue.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

May 04, 2022 16:38 ET (20:38 GMT)

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