EBay Inc. gave a lackluster profit forecast for the holiday quarter, blunting investor enthusiasm that the online marketplace was solidifying its position in an industry dominated by Amazon.com Inc.
While the company projected sales for the current period that slightly topped analysts’ estimates, shares declined as much as 7.9 percent in extended trading. The stock closed at $37.97 Wednesday in New York and has gained 28 percent this year.
Chief Executive Officer Devin Wenig is trying to speed EBay’s growth to prove that his turnaround strategy is working. The company has increased spending on marketing, redesigned its homepage to personalize products shown to each visitor and is making it easier for shoppers to navigate the site’s 1 billion listings.
“Investors have been looking for sustained momentum in the EBay turnaround story and, given the rather uninspiring results and guidance today, it looks like we may be waiting a…