May 9, 2024
SAN JOSE, CA – eBay financial results for the first quarter ended March 31, 2024 revealed revenue of $2.6 billion, up 2% on an as-reported basis and up 2% on a foreign exchange (FX) neutral basis.
“eBay’s Q1 results marked a strong start to 2024 as we continue to make progress toward our goal of sustainable GMV [gross merchandise volume] growth,” said Jamie Iannone, CEO at eBay via press release. “We believe our accelerating pace of innovation is fundamentally changing the selling and buying experience on eBay, generating better outcomes for customers, increasing productivity across our organization, and ultimately driving more value for shareholders.”
“Our Q1 results highlight the resilience of our marketplace and business model amid persistent challenges in the global economy,” added Steve Priest, CFO at eBay. “We exceeded our outlook across our key financial metrics and made significant progress against our long-term strategic objectives.”
First Quarter Financial Highlights
• GMV was $18.6 billion, up 1% on an as-reported basis and roughly flat on an FX-Neutral basis.
• GAAP net income from continuing operations was $439 million, or $0.85 per diluted share.
• Non-GAAP net income from continuing operations was $648 million, or $1.25 per diluted share.
• GAAP and Non-GAAP operating margin was 24.7% and 30.3%, respectively.
• Generated $615 million of operating cash flow and $472 million of free cash flow.
• eBay’s first-party advertising products delivered $370 million of revenue in the first quarter, up 30% on an as-reported basis and up 28% on an FX-Neutral basis.
• The company’s total advertising offerings generated $384 million of revenue in the first quarter, representing 2.1% of GMV.
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