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eBay reports decline in Q1 revenue and GMV

By Prachi Singh

May 5, 2022

Business

Image: eBay press room

Revenue at eBay was 2.5 billion dollars, down 6 percent on an as-reported basis and down 5 percent on a foreign exchange (FX) neutral basis in the first quarter.

Gross merchandise volume (GMV) was 19.4 billion dollars, down 20 percent on an as-reported basis and down 17 percent on an FX-neutral basis.

"Our team has delivered another strong quarter, at the high end of our expectations," said Jamie Iannone, chief executive officer of eBay in a statement, adding, "Despite the current macro headwinds, we remain confident in the long-term strategy we laid out during our investor day in March."

The company’s GAAP net loss from continuing operations was 1.3 billion dollars or loss of 2.28 dollars per diluted share primarily driven by the change in fair value of equity investments. Non-GAAP net income from continuing operations was 625 million dollars or 1.05 dollars per diluted share.

For the second quarter, the company expects revenues in the range of $2.35 - $2.40 billion dollars, down between 7 to 9 percent on organix FX neutral basis, diluted GAAP EPS in the range of 61 cents to 65 cents and diluted non-GAAP EPS in the range of 87 to 91 cents.

For the full year, revenues are expected to be between 9.6 to 9.9 billion dollars, down 3 to 6 percent on organic FX neutral basis, diluted GAAP loss between 25 cents to 5 cents and diluted non-GAAP EPS in the range of 3.90 to 4.10 dollars.

eBay's board of directors has declared a cash dividend of 22 cents per share of the company's common stock payable on June 17, 2022 to stockholders of record as of June 1, 2022.

EBAY