EBay's bleak warning for first half of 2023 slams shares

After seeing a boost in sales during the pandemic, ecommerce companies are now facing various headwinds including surging expenses, decreasing consumer confidence as well as intense competition from rivals

Ecommerce company EBay on Wednesday warned that demand was set to decline in the first half of 2023, after reporting a fall in holiday-quarter earnings due to strained consumer spending in its largest markets of the United States and Europe.

Shares fell by nearly 6% in trading after the bell, reversing from a 2% rise just after the results.