eBay grew sales on its Marketplace 9% in the third quarter, or 7% after factoring in foreign exchange (FX-neutral). In a press release reporting the company’s total performance, eBay CEO Devin Wenig called the quarter its fastest volume growth in over three years, stating, “Our customers are responding to the significant product enhancements we have been making, and this is reflected in our results.”
Press release follows:
eBay Inc. Reports Third Quarter 2017 Results
Q3 Revenue of $2.4 billion; GMV of $21.7 billion.
Gross Merchandise Volume of $21.7 billion
Revenue of $2.4 billion
Both GAAP and Non-GAAP EPS per diluted share of $0.48 on a continuing operations basis
Repurchased $907 million of common stock
eBay Inc., a global commerce leader, delivered gross merchandise volume (GMV) for the quarter ended September 30, 2017 of $21.7 billion, increasing 8% on an as-reported basis and 7% on a foreign exchange (FX) neutral basis. Revenue for the quarter was $2.4 billion, up 9% on an as-reported basis and 8% on an FX-Neutral basis.
During the quarter, eBay delivered GAAP net income from continuing operations of $523 million, or $0.48 per diluted share, and Non-GAAP net income from continuing operations of $514 million, or $0.48 per diluted share. The company generated $877 million of operating cash flow and $720 million of free cash flow from continuing operations while also repurchasing $907 million of its common stock in the quarter.
“In Q3, we drove acceleration across all three of our platforms, delivering strong top and bottom line financial results and our fastest volume growth in over three years,” said Devin Wenig, President and CEO of eBay Inc. “Our customers are responding to the significant product enhancements we have been making, and this is reflected in our results.”
Underlying total eBay Inc. performance, the Marketplace platforms delivered $20.5 billion of GMV and $1.9 billion of revenue. Marketplace GMV was up 9% on an as-reported basis and 7% on an FX-Neutral basis, driven by acceleration in the U.S. and Europe, which led to revenue growth of 8% on an as-reported basis and 7% on an FX-Neutral basis. StubHub drove GMV of $1.2 billion, up 2%, and revenue of $275 million, up 5%, driven by continued growth in its international business. Classifieds growth accelerated in the quarter with revenue of $235 million, up 19% on an as-reported basis and 13% on an FX-Neutral basis, driven primarily by strength in Germany.
In the third quarter, eBay added nearly two million active buyers across its platforms, for a total of 168 million global active buyers. This figure has been adjusted to exclude domestic active buyers in India following the sale of eBay’s India business to Flipkart. Marketplace continued to enhance user experiences with product changes including grouped listings, simplified selling flows and eBay Authenticate. eBay activated its brand platform with campaigns across the U.S., U.K. and Australia during the quarter and was once again recognized in Interbrand’s Best Global Brands report. StubHub continued to strengthen its partnership with Major League Baseball and is now integrated with all 30 teams. Additionally, the company will now serve as the official secondary ticketing partner to the T-Mobile Arena, Las Vegas’ newest sports and entertainment venue.
See the link to the full press release including tables and full performance for the quarter:
SOURCE: eBay Press Release