For the first quarter, eBay earnings beat a Wall Street estimate even as the company then announced the appointment of Vidmay Naini as general manager for eBay’s global emerging markets.
Income from continuing operations was $569 million, or $1.05 per diluted share, versus a loss of $1.34 billion, or $2.28 per diluted share, in the year-before quarter. Adjusted for one-time charges, income from continuing operations was $600 million, or $1.11 per diluted share, versus $625 million, or $1.05 per diluted share, in the year-previous period, the company reported.
Adjusted diluted earnings per share beat a Zacks Investment Research analyst consensus estimate of $1.06.
Net revenues were $2.51 billion versus $2.48 billion in the year-prior quarter, eBay stated. Income from operations was $558 million versus $692 million in the year-earlier period.
Gross Merchandise Volume was $18.4 billion, slipping 5% on an as-reported basis and 2% on an foreign exchange neutral basis.
Among highlights of the quarter, eBay pointed out that it had launched a social page in the Seller Hub enabling store sellers to publish and promote their listings to multiple linked social accounts using a single tool. The feature allows sellers to bulk post across popular social channels with content that is automatically formatted to match each format, including engaging carousels that allow would-be shoppers to browse multiple listings in a single post. In addition, eBay published its third annual Recommerce Report, which explores how sellers and buyers are increasingly turning to pre-owned goods for the financial and environmental benefits recycled merchandise provides.
In announcing the financial results, Jamie Iannone, eBay CEO said, “I am proud of our team for delivering another strong quarter. This is a solid start to the year as we’ve exceeded expectations on our key financial and operating commitments while making significant progress against our long-term objectives. We saw strength in our focus categories, which once again outpaced the rest of the marketplace. And the combination of eBay’s vast data and AI expertise are accelerating innovation on the platform.”
Based in Singapore, Naini will oversee eBay’s Global Emerging Markets including Southeast Asia, India, Eastern Europe, Israel, Middle East, Africa and Latin America. He has 18 years of experience with the company, with Naini playing a central role in key projects such as eBay’s strategic partnership and investment in Flipkart, India’s leading e-commerce platform, as well as transforming eBay’s business in India, the company noted.
