Adevinta Q4 Revenue Beats Forecast, eBay Deal on Track

OSLO, Feb 11 (Reuters) – Norway’s Adevinta posted stronger-than-expected revenues for the final three months of 2020 and said its planned takeover of eBay’s online classifieds business remains on track for completion in the first quarter this year.

The Oslo-listed company’s October-December revenue was flat year-on-year at 200.2 million euros ($242.8 million), while analysts in a Refinitiv poll on average had expected 186.4 million euros.

Adevinta’s business contracted sharply in the second quarter of 2020 as online sites for autos, real estate and jobs suffered amid Europe’s first wave of COVID-19 lockdowns, but users have since returned as conditions eased.

The company’s earnings before interest, tax, depreciation and amortization (EBITDA), including joint ventures, fell 2% year-on-year to 51.3 million euros in the fourth quarter, beating the 47.5 million euros expected by analysts.

Adevinta in July agreed to buy eBay’s classified ads unit in a $9.2 billion cash and shares deal to form the world’s largest online classifieds group with a presence in 17 countries, aiming to close the transaction in early 2021.

($1 = 0.8246 euros)

(Reporting by Terje Solsvik, editing by Victoria Klesty)

Source: Reuters

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News