eBay delivered a solid first quarter, reporting a gain in revenues and earnings.
In the first quarter, eBay recorded income from continuing operations of $407 million, or 40 cents per diluted share, versus $1.04 billion, or 94 cents per diluted share, in the year-previous period.
Adjusted net income from continuing operations, excluding one time charges, was $548 million, or 53 cents per diluted share, versus $538 million, or 49 cents per diluted share, in the quarter a year before. Earnings per diluted share matched an Marketbeat-published analyst average estimate.
Net revenues increased 12% to $2.58 billion in the quarter year over year. Operating income was $579 million versus $547 million in the period a year prior. Operating income from continuing operations in the quarter was $547 million versus $558 million in the year-earlier quarter.
Gross merchandise volume grew 13% in the quarter year over year to $23.6 billion and 7% on a foreign exchange rate neutral basis, the company reported.
In addition, eBay pointed out that it grew active buyers by 4% across its platforms, for a total of 171 million globally. Marketplace platforms delivered $2.1 billion of revenue and $22.5 billion of gross merchandise volume, with revenue growth of 11% on an as-reported basis and 7% on a foreign exchange-neutral basis, and general merchandise volume growth of 13% on an as-reported basis and 7% on an foreign exchange-neutral basis.
During the quarter, eBay announced that it will acquire Giosis’ Japan business. The acquisition will significantly expand eBay’s footprint in Japan, and is expected to close in the second quarter of 2018.
“In the first quarter, we drove good growth and made further progress with our multi-year effort to transform our customer experience and sharpen the eBay brand,” said Devin Wenig, president and CEO of eBay Inc.