News Flash

US' eBay's revenue rises 2% to $2.6 bn in Q1 FY24

03 May '24

2 min read

US' eBay's revenue rises 2% to $2.6 bn in Q1 FY24

Pic: wolterke - stock.adobe.com

Insights

American firm eBay Inc reported revenue of $2.6 billion in Q1 FY24, a 2 per cent increase year-over-year.
The company's gross merchandise volume (GMV) was $18.6 billion, up 1 per cent.
GAAP net income was $439 million, and non-GAAP net income was $648 million.
GAAP and non-GAAP operating margins rose to 24.7 per cent and 30.3 per cent, respectively.

eBay Inc, a US-based global online marketplace, has reported a revenue of $2.6 billion in the first quarter of fiscal 2024 (Q1 FY24), which marks a 2 per cent increase both on an as-reported basis and when adjusted for foreign exchange impacts. The slight revenue growth accompanies a stable gross merchandise volume (GMV), which stood at $18.6 billion, representing a 1 per cent rise on an as-reported basis and remaining roughly flat when adjusted for foreign exchange.

The e-commerce giant reported a GAAP net income from continuing operations of $439 million, translating to $0.85 per diluted share. On a non-GAAP basis, the net income from continuing operations reached $648 million, or $1.25 per diluted share, highlighting a more robust profitability under non-GAAP measures.

Operational efficiency appears to have improved, with the GAAP operating margin increasing significantly from 22.2 per cent in the first quarter of the previous year to 24.7 per cent in Q1 FY24. The non-GAAP operating margin also saw a rise, reaching 30.3 per cent compared to 29.6 per cent in the same period last year, the company said in a 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," said Jamie Iannone, chief executive officer at eBay. "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."

Fibre2Fashion News Desk (DP)

More E-commerce News - United States Of America...