EBay CEO Jamie Iannone credited artificial intelligence-driven operating improvements and a resale promotion with music star Elton John after the e-commerce company reported second-quarter earnings and revenues that topped Wall Street estimates.
Net income from continuing operations in the quarter was $226 million, or 45 cents per diluted share, versus $172 million, or 32 cents per diluted share, in the period a year past. When adjusted for one-time events, net income from continuing operations was $602 million, or $1.18 per diluted share, versus $555 million, or $1.03 per diluted share, in the year-before quarter.
A Yahoo Finance-published analyst consensus estimate called for adjusted diluted earnings from continuing operations of $1.13 and revenue of $2.54 billion.
Net revenue advanced to $2.57 billion from $2.54 billion year over year as income from operations grew to $549 million from $518 million, the company noted, and adjusted income from operations grew to $720 million from $684 million.
Gross merchandise volume (GMV) increased 1% to $18.4 billion, on an as-reported and foreign exchange-neutral basis. Among the highlights of the quarter, eBay launched Rocket Man Resale, a partnership with music legend John, who provided personal items available exclusively on eBay via auction and fixed-priced listings with all proceeds benefiting the Elton John AIDS Foundation.
Iannone said, “eBay’s strong Q2 results mark another step toward achieving sustainable, long-term growth. The continued momentum in focus categories contributed to our increase in GMV, while new AI capabilities are driving innovation across the platform and transforming the experience for eBay customers around the world.”
