eBay Inc EBAY:NASDAQ

eBay (EBAY) shares are down more than 10% in midday trading Thursday after its guidance came in below market expectations, triggering a slew of price target cuts from analysts.

Late Wednesday, eBay said it expects Q2 non-GAAP earnings of $0.87 to $0.91 and full-year earnings of $3.90 to $4.10, while analysts polled by Capital IQ expect $1.02 and $4.34, respectively.

The company also expects revenue of $2.35 billion to $2.4 billion for the current quarter and $9.6 billion to $9.9 billion for full-year 2022, compared with the market consensus of $2.54 billion and $10.39 billion, respectively.

Following the earnings report, several analysts lowered their price targets on eBay. Piper Sandler cut its price target to $63 from $68, Credit Suisse to $62 from $66, and Deutsche Bank to $60 from $64.

Trading volume was about 11 million shares against a daily average of around 7 million.

Price: 48.64, Change: -5.78, Percent Change: -10.62