EBay stock drops more than 11% after company gives light earnings guidance

Shares of eBay slumped more than 11% on Thursday morning after the company reported an earnings outlook for the current quarter that fell short of Wall Street’s estimates.

EBay said Wednesday afternoon that it expects 91 cents to 96 cents in adjusted earnings per share and revenue of $2.98 billion to $3.03 billion in the second quarter. Analysts polled by Refinitiv had expected 98 cents per share and $2.98 billion in revenue.

Several investors were spooked by the lighter-than-expected outlook and either downgraded the stock or lowered their price targets….