EBay improved revenue and gross merchandise volume in the fourth quarter as the company shifts its customer emphasis toward collectors and related “enthusiasts.”
Net income from continuing operations was $728 million, or $1.40 per diluted share, versus $671 million, or $1.23 per diluted share, in the quarter a year prior. Adjusted for one-time events, net income was $560 million, or $1.07 per diluted share, versus $581 million, or $1.07 per diluted share, in the year-earlier quarter, the company noted.
A MarketBeat-published analyst consensus estimate had earnings per adjusted diluted sales at $1.03 and revenues at $2.51 billion.
Net revenue was $2.56 billion as compared to $2.51 billion in the year-before quarter. Income from operations was $410 million versus $565 million in the year-previous period, while adjusted operating income was $686 million versus $750 million.
Gross merchandise volume was $18.6 billion, up 2% on an as-reported basis and about flat on a foreign-exchange neutral basis.
Net income from continuing operations in the full year was $2.78 billion, or $5.21 per diluted share, versus a net loss of $1.27 billion, or $2.28 per diluted share, in the year prior. Adjusted net income from continuing operations was $2.26 billion, or $4.24 per diluted share versus $2.31 billion, or $4.11 per diluted share in the year earlier, eBay maintained.
The full-year net revenue was $10.11 billion, up 3% on an as-reported basis and up 4% on an FX-neutral basis. Income from operations was $1.94 billion versus $2.35 billion in the year previous, while adjusted operating income was $2.78 billion versus $2.94 billion.
Gross merchandise volume was $73.2 billion, down 1% on a reported and FX-neutral basis.
“Last year, we made significant progress toward our vision to reinvent the future of e-commerce for enthusiasts,” said Jamie Iannone, eBay CEO. “Our organic (gross merchandise volume) growth improved year-over-year during each quarter of 2023, while navigating a challenging macroeconomic environment. Our results demonstrate the strength of our strategy, and I’m proud of our accelerated pace of innovation as we work to fundamentally enhance the customer experience on eBay.”
