eBay posts strong Q1, raises revenue and EPS outlook

eBay Inc. delivered revenue for the quarter ended March 31, 2019 of 2.6 billion dollars, an increase of 2 percent on an as-reported basis and 4 percent on a foreign exchange (FX) neutral basis, which the company said, was primarily driven by gross merchandise volume (GMV) of 22.6 billion dollars, down 4 percent on an as-reported basis and down 1 percent on a FX-Neutral basis. During the quarter, eBay delivered GAAP net income from continuing operations of 521 million dollars or 57 cents per diluted share and Non-GAAP net income from continuing operations of 608 million dollars or 67 cents per diluted share.

"We delivered a solid first quarter with revenue and EPS," said Devin Wenig, President and CEO of eBay Inc. in a statement, adding, "Our initiatives to create a next generation payment and advertising experience are on track, we saw healthy buyer growth and disciplined cost control, and we continue to simplify the buying process while remaining focused on seller's success."

eBay raises revenue and EPS outlook for 2019

In the first quarter, eBay grew active buyers by 4 percent across its platforms, to 180 million global active buyers. Underlying total eBay performance, the Marketplace platforms delivered 2.2 billion dollars of revenue and 21.6 billion dollars of GMV. Marketplace revenue growth was 3 percent on an as-reported basis and 4 percent on a FX-Neutral basis, and GMV was down 4 percent on an as-reported basis and down 1 percent on a FX-Neutral basis. StubHub platforms drove revenue of 230 million dollars, flat on both an as-reported and FX-neutral basis, and GMV of 1 billion dollars, down 3 percent on an as-reported basis and down 2 percent on a FX-Neutral basis. Classifieds platforms delivered revenue of 256 million dollars, up 4 percent on an as-reported basis and up 12 percent on a FX-neutral basis.

Based on these results and increased confidence in the year, eBay has raised 2019 revenue and EPS guidance. For 2019, the company expects net revenue between 10.83 billion dollars and 10.93 billion dollars, representing Organic FX-neutral growth of 2 percent – 3 percent, with GAAP earnings per diluted share from continuing operations in the range of 1.94 dollars- 2.04 dollars and non-GAAP earnings per diluted share from continuing operations in the range of 2.64 dollars - 2.70 dollars.

For the second quarter 2019, the company expects net revenue between 2.64 billion dollars and 2.69 billion dollars, representing organic FX-neutral growth of 2 percent to 4 percent, with GAAP earnings per diluted share from continuing operations in the range of 41 cents to 45 cents and non-GAAP earnings per diluted share from continuing operations in the range of 61 cents to 63 cents.

eBay's board of directors has declared a cash dividend of 14 cents per share of the company's common stock, payable on June 20, 2019 to shareholders of record as of June 1, 2019.

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