For the first quarter, eBay Inc. reported revenue of 2.5 billion dollars, up 1 percent on an as-reported basis and up 3 percent on a foreign exchange (FX) neutral basis.
The company’s gross merchandise volume (GMV) was 18.4 billion dollars, down 5 percent on an as-reported basis and down 2 percent on an FX-neutral basis.
For the second quarter, eBay expects revenues to range between 2.47 to 2.54 dollars, up 1 to 4 percent, diluted GAAP EPS between 65 to 70 cents and non-GAAP diluted EPS in the range of 96 cents to 1.01 dollars.
"This is a solid start to the year as we've exceeded expectations on our key financial and operating commitments while making significant progress against our long-term objectives," said Jamie Iannone, chief executive officer at eBay, adding, "We saw strength in our focus categories, which once again outpaced the rest of the marketplace. And the combination of eBay's vast data and AI expertise are accelerating innovation on the platform."
The company’s GAAP net income was 569 million dollars or 1.05 dollars per diluted share, while non-GAAP net income was 600 million dollars or 1.11 dollars per diluted share.
GAAP and Non-GAAP operating margin was 22.2 percent and 29.6 percent, respectively.
eBay's first-party advertising products, primarily driven by promoted listings, delivered 285 million dollars of revenue in the first quarter, up 27 percent on an as-reported basis and up 31 percent on an FX-neutral basis. The company's total advertising offerings generated over 317 million dollars, representing roughly 1.7 percent of GMV.
eBay's board of directors declared a cash dividend of 25 cents per share of the company's common stock payable on June 16, 2023 to stockholders of record as of June 1, 2023.