Full year and fourth quarter results at eBay were hit by unique charges including those associated with currency exchange rate fluctuations, the company stated, even as it set a definitive agreement to sell its StubHub division.
For the fourth quarter, income from continuing operations was $558 million, or 69 cents per diluted share, versus $763 million, or 80 cents per diluted share, in the year-before quarter.
On an adjusted basis, taking in factors such as one-time charges, net income from continuing operations was $661 million, or 81 cents per diluted share, as compared to $670 million, or 71 cents per diluted share, in the period a year previous.
Fourth quarter revenue was $2.82 billion, down 2% on an as-reported basis and flat on a foreign exchange neutral basis. Marketplace platforms delivered revenue of $2.2 billion, down 3% on an as-reported basis and down 1% on a FX-neutral basis and $22 billion of gross merchandise volume, down 5% on an as-reported basis and down 4% on a FX-neutral basis.
The company added that active buyers grew by 2% across eBay’s platforms in the period year over year, reaching 183 million globally.
For the full fiscal year, eBay posted revenue of $10.8 billion, up 1% on an as-reported basis and up 2% on a FX-neutral basis, with GMV of $90.2 billion, down 5% on an as-reported basis and down 2% on a FX-neutral basis.
Income from continuing operations was $1.79 billion, or $2.10 per diluted share, versus $2.53 billion, or $2.55 per diluted share, in the year-earlier quarter. On an adjusted basis, net income from continuing operations was $2.42 billion, or $2.83 per diluted share, as compared to $2.31 billion, or $2.32 per diluted share, in the period a year prior.
eBay agreed to sell StubHub to Viagogo for a purchase price of $4.05 billion in cash, with the sale expected to close by end of the first quarter.
“I am proud of how well our teams have executed over the past year and the innovative solutions we have provided for our buyers and sellers,” said Scott Schenkel, eBay interim CEO. “As we enter 2020, our priorities are clear: We will continue to drive revenue through our growth initiatives, deliver more seller tools, improve the buyer experience by leveraging our structured data foundation, all while driving more margin expansion. We believe these efforts will position us for sustainable, profitable long-term growth, and I am excited by the opportunities ahead.”