Revenues and earnings were up at eBay driven by gross merchandise volume in the second quarter.
In the second quarter, eBay delivered GAAP income from continuing operations of $638 million, or 64 cents per diluted share, versus $29 million, or three cents per diluted share, in the year-prior period.
Non-GAAP net income from continuing operations was $533 million, or 53 cents per diluted share, versus $495 million, or 45 cents per diluted share, in the year-earlier quarter. Income from operations was $406 million compared with $480 million in the year-previous period.
A MarketBeat-published analyst average estimate was two cents short of e-Bay’s non-GAAP earnings per diluted share number.
The company reported a 9% revenue increase in the quarter to $2.64 billion or 6% on a foreign exchange-neutral basis. Gross merchandise volume (GMV) totaled $23.6 billion, up 10%. Gross merchandise volume was the primary driver of the revenue increase, eBay pointed out.
In the quarter, eBay grew active buyers across its platforms by 4%, for a total of 175 million global active buyers. Marketplace platforms delivered revenue of $2.08 billion, up 9%, and GMV of $22.6 billion, up 11%. StubHub revenues were $246 million, up 4% as GMV came in at $1.1 billion, up 5%.
In the second quarter, Devin Wenig, eBay president and CEO, said, “We continued to execute our strategy, making improvements to the core eBay experience. At the same time, we pursued significant opportunities in advertising and payments. As we look ahead to the second half of 2018, we expect acceleration in our core business and continued strong growth in earnings.”