eBay GMV (gross merchandise volume) was down 7% year-over-year in the 2nd quarter, but that’s comparing sales to the same period last year when GMV grew 31% due to COVID-19, making it a difficult comparison. eBay characterized its second quarter performance ended June 30, 2021 as “strong” and “better than expected.”
eBay grew revenue 14% to $2.7 billion, helped by fees from sellers for payment-processing and ads.
The company said 71% of global on-platform volume was processed through managed payments in the second quarter, and it exited the quarter with that number over 80% and with over 13 million sellers migrated globally.
eBay also revealed that Promoted Listings ads delivered almost $224 million of revenue in Q2, up 14% on an as-reported basis and up 8% on an FX-Neutral basis.
eBay CEO Jamie Iannone said in Wednesday’s press release:
“Today I am pleased to announce another strong quarter. In Q2, on an apples-to-apples basis, all key business metrics met or exceeded expectations and revenue growth was driven by the acceleration in our payments migration and growth in advertising.
“During the quarter, we hit several important milestones in our ongoing transformation, including the transition of eBay’s Classifieds business – a deal that has already delivered exceptional shareholder value – and the announcement of the sale of our Korean business. We are simplifying our portfolio and growing our core while delivering significant shareholder value.
“We remain relentlessly focused on accelerating our product innovation by harnessing the power of next-gen technology and creating a more seamless experience for sellers. We are delivering innovative category experiences for buyers and quickly evolving in our pursuit to be the best global marketplace to sell and buy.”
Interestingly, eBay annual active buyers declined by 2% in Q2 for a total of 159 million global active buyers, while annual active sellers grew by 5%, for a total of 19 million global active sellers.
eBay also announced its Board of Directors expanded share repurchase authorization by an additional $3 billion.
You can find the full announcement with charts and guidance on the eBay Inc. corporate blog.