News Flash

American firm eBay's revenue surges 5% in Q2 FY23

31 Jul '23

2 min read

Pic: Katherine Welles / Shutterstock.com

Insights

US-based leading e-commerce firm eBay reported revenue of $2.5 billion in Q2 FY23, an increase of 5 per cent, but GMV declined 2 per cent to $18.2 billion.
The company's GAAP net income was $172 million ($0.32 per share) in Q2 FY23, and non-GAAP net income was $555 million ($1.03 per share).
Operating margin decreased while cash flow remained strong.

eBay Inc, a US-based multinational e-commerce corporation, has reported a revenue of $2.5 billion in the second quarter (Q2) of fiscal 2023 (FY23), marking a 5 per cent increase on an as-reported basis and a 6 per cent increase on a foreign exchange (FX) neutral basis, compared to the same period in the previous year.

However, eBay's gross merchandise value (GMV), a significant performance measure that indicates the total value of all goods sold over the platform, was reported at $18.2 billion, down by 2 per cent on an as-reported basis and by 1 per cent on an FX-neutral basis from Q2 FY22, the company said in a media release.

The GAAP net income from continuing operations for Q2 FY23 was $172 million, or $0.32 per diluted share. In comparison, the non-GAAP net income from continuing operations was considerably higher, at $555 million or $1.03 per diluted share.

The corporation's operating margin also saw a decline. The GAAP operating margin decreased to 20.4 per cent in Q2 FY23, compared to 21.7 per cent for the same period last year. The non-GAAP operating margin followed the same trend, decreasing to 26.9 per cent from 28.7 per cent in Q2 FY22.

The company reported $605 million in operating cash flow and $492 million in free cash flow from continuing operations in Q2 FY23.

Fibre2Fashion News Desk (DP)

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