In its fourth quarter, eBay recorded lower sales and gross merchandise volume, but it still did better than expected by Wall Street.
Net income from continuing operations was $671 million, or $1.23 per diluted share, the company reported, versus a loss from continuing operations of $893 million, or $1.47 per diluted share, in the year-previous quarter. Adjusted for one-time events, net income was $581 million, or $1.07 per diluted share, versus $647 million, or $1.05 per diluted share, in the year-before period.
eBay topped a $1.06 MarketBeat-published analyst consensus estimate on earnings and $2.46 billion estimate on revenues.
Net revenues were $2.51 billion versus $2.61 billion in the year-earlier quarter. Income from operations was $565 million compared to $688 million in the year-prior quarter.
Gross merchandise volume was $18.2 billion, down 12% on an as-reported basis and down 6% on a foreign exchange rate neutral basis year over year, the company maintained.
For the full fiscal year, net loss from continuing operations was $1.27 billion, or $2.28 per diluted share, the company stated, versus net income from continuing operations of $252 million, or 38 cents per diluted share, in the year previous year. Adjusted net income was $2.31 billion, or $4.11 per diluted share, versus $2.66 billion, or $4.02 per diluted share, in the year before.
Net revenues were $9.8 billion versus $10.42 billion in the year earlier. Income from operations was $2.35 billion as compared to $2.92 billion in the year prior.
GMV was $73.9 billion, down 15% on an as-reported basis and down 11% on an FX-neutral basis year over year, the company noted.
“In 2022, we made significant progress on our multi-year strategic journey,” said Jamie Iannone, eBay CEO, in announcing the financial results. “Our focus category playbook continues to drive underlying growth in our business. and the investments we’ve made in core technology are enabling us to innovate on behalf of our customers more quickly. We have a talented team, a strong strategic vision and a persistent focus on operational excellence that will create long-term value for our shareholders in the years ahead.”
