EBay last night beat Wall Street estimates for quarterly profit and raised its full-year outlook.

This comes as the e-commerce company benefited from a surge in online shopping by people staying indoors due to coronavirus-driven lockdowns. 

Business has been booming for e-commerce firms and companies with strong online presence as the Covid-19 pandemic has led more people to use their mobile phones and computers to shop. 

Ebay now expects full-year adjusted profit between $3.47 and $3.59 per share. Analysts were expecting $3.51 per share, according to IBES data from Refinitiv. 

Analysts said that e-commerce related stocks have largely outperformed since the beginning of the pandemic and expectations are really high. 

The company last week agreed to sell its classified ads business to Norway's Adevinta in a deal worth $9.2 billion, succumbing to longstanding pressure from activist investors Elliott Management Corp and Starboard Value.

Pressure from the activist investors also resulted in the company naming Walmart executive Jamie Iannone as its top boss in April, handing over the reins to an outsider. 

Ebay's said its revenue rose to $2.87 billion in the second quarter, from $2.42 billion a year-ago, beating analysts' estimate of about $2.8 billion. 

Excluding items, the company earned $1.08 per share, above estimates of $1.06 per share.