EBay forecasts profit below estimates on stiff competition, shares fall

FILE PHOTO: The eBay logo is pictured on a phone screen in this photo illustration July 23, 2019. REUTERS/Brendan McDermid/Illustration

(Reuters) -EBay Inc's second-quarter profit forecast came in below market expectations as it faces fierce competition from bigger rivals including Amazon.com Inc for a slice of the pandemic-led online shopping boom, sending its shares down 6%.

While the company's focus on its advertising and payments business and a simpler e-commerce platform have benefited its business, Amazon remains a favorite online shopping destination for most consumers.