eBay posted solid third quarter results, with its Marketplace platform driving a boost in net income and revenue.
In the third quarter ended September 30, eBay posted net income from continuing operations of $523 million, or 48 cents per diluted share, and adjusted net income from continuing operations of $514 million, or 48 cents per diluted share, versus net income from continuing operations of $418 million, or 36 cents per diluted share, and adjusted net income from continuing operations of $509 million, or 45 cents per diluted share, in the year-earlier period.
Adjusted net income in the third quarter matched an analyst average estimate published by MarketBeat.
eBay generated gross merchandise volume of $21.68 billion in the third quarter, an increase of 8% on an as-reported basis and 7% on a foreign exchange neutral basis. Revenue for the quarter was $2.41 billion, up 9% on an as-reported basis and 8% on a foreign exchange neutral basis.
In the quarter, eBay maintained that it added almost two million active buyers across its platforms, for a total of 168 million global active buyers. The company adjusted the figure to exclude domestic active buyers in India following the sale of its India business to Flipkart. Marketplace continued to enhance user experiences, eBay added, with product changes including grouped listings, simplified selling flows and eBay Authenticate.
Devin Wenig, eBay president and CEO, stated, “We drove acceleration across all three of our platforms, delivering strong top and bottom line financial results and our fastest volume growth in over three years. Our customers are responding to the significant product enhancements we have been making, and this is reflected in our results.”