For the first quarter ended March 31, eBay Inc. reported income on a GAAP basis of $677 million, or 51 cents per diluted share, and non-GAAP net income of $829 million, or 63 cents per diluted share. In the year-prior quarter, eBay posted GAAP net income of $570 million, or 44 cents per diluted share, and non-GAAP net income of $725 million, or 55 cents per diluted share.
Adjusted earnings per diluted share beat a Thompson Reuter’s average analyst estimate by a penny.
Top-line growth drove the year-over-year increase in first quarter GAAP and non-GAAP earnings, eBay stated. Revenue increased 14% to $3.7 billion versus the period last year, the company related.
Marketplaces gained 3.9 million active users in the quarter, e-Bay pointed out, and ended the period with 116 million, a 13% increase. Gross merchandise volume, excluding vehicles, increased 13% to $18 billion, the company said, reflecting continued improvements to eBay’s core technology designed to make it more efficient for consumers to shop and buy. Sold items increased 12%, the company added, while fixed price GMV grew 17% globally and represented 68% of total GMV. In the United States, GMV, excluding vehicles, increased 16% as mobile engagement and momentum in fashion and tickets drove growth, eBay said.
The company’s GSI Commerce business contributed $236 million in revenue for the first quarter. Its enterprise commerce platform generated $807 million in global e-commerce merchandise sales, eBay said, while its marketing services fee business produced $50 million in revenue. GSI enabled its clients to grow faster than the e-commerce market with 16% same stores sales growth, however, revenue was pressured by a reduction in take rate, it acknowledged.
Downloads of eBay mobile apps surpassed 162 million, adding approximately 2.8 million new customers, eBay asserted.
“We had a strong first quarter, with accelerating user growth across both Marketplaces and PayPal, and with GSI enabling their retail clients to grow faster than e-commerce,” said John Donahoe, eBay president and CEO. “Technology is creating a commerce revolution, and we are in the forefront with strong mobile leadership and a focus on helping retailers and brands engage consumers anytime, anywhere.”