eBay grew sales (Gross Merchandise Volume) by 1% in the first three months of 2024 to $18.6 billion. Revenue was up 2% for the same period, year over year.
eBay’s first-party advertising products delivered $370 million of revenue in the first quarter, the company said, which was up 30% on an as-reported basis and up 28% on an FX-Neutral basis. Its total advertising offerings generated $384 million of revenue in the first quarter, representing 2.1% of GMV.
eBay CEO Jamie Iannone was quoted in the earnings press release:
“eBay’s Q1 results marked a strong start to 2024 as we continue to make progress toward our goal of sustainable GMV growth. 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.”
eBay’s Chief Financial Officer Steve Priest was also quoted:
“Our Q1 results highlight the resilience of our marketplace and business model amid persistent challenges in the global economy. We exceeded our outlook across our key financial metrics and made significant progress against our long-term strategic objectives.”
First Quarter Financial Highlights
Revenue was $2.6 billion, up 2% on an as-reported basis and up 2% on a foreign exchange (FX) neutral basis.
Gross Merchandise Volume (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.
Returned $638 million to shareholders, including $499 million of share repurchases and $139 million paid in cash dividends.
The full press release is on the investor relations page on eBayInc.com.
“Our Q1 results highlight the resilience of our marketplace and business model amid persistent challenges in the global economy.”
Lipstick on a pig. Promoted listing ad revenue again saved the day, keeps the dividend plays coming. Actual sales of items, not so much. Number of buyers flat, back where it was in 2018. Alarm bells going off. Long term prospects don’t look encouraging.
@none 🙂 %100000000 right!
Just imagine the late night book cooking in San Jose, needed to get to that “%1”.
The games are failing. Fix your platform, lay off another %20 of unneeded staff, lower your take, stop fighting your sellers. And that’s just for starters
eBay I know you have people monitoring Ina’s columns so someone will see this. STOP messing around with search. You have no idea what the best match is for everyone–give your buyers some credit for being able to know what they want without your interference. It does NOT help–it is INTERFERENCE.
Just post things in the order they will end and let the chips fall. Do this and your and your sellers’ sales will increase.
You’ve tried and the “select sellers” you seem to push aren’t helping you grow Chanel your inner Meg Whitman and go back to the basics. Lay off the people who are messing with search and put the money into customer service.
My last two searches–and I buy a lot on eBay–were such disastrous experiences that I ended up buying the products on walmart.com. The experts who set up your search functions seem to think they know more than I do about what I’m looking for. They don’t. I can’t be alone which is why your growth is abysmal.
The solution is simple — and I know that eBay monitors Ina so here goes….
Stop effing with the search functions. Channel your inner Meg Whitman and go back to listing the items in the order they are sent in.
You have no idea what a best match is. Why would you think the people you most likely pay a lot of money to mess up the search functions know more than your buyers?
I buy a lot on eBay and my last two search experiences were such a frustrating disaster that I bought the items on Walmart.com and Poshmark.