eBay Gross Merchandise Volume (GMV) was down 17% in the first quarter of 2022, year-over-year. Revenue was down 5%. And the number of active buyers dropped 13% from 163 million in Q1 2021 to 142 million in Q1 2022.
eBay CEO Jamie Iannone was quoted in today's earnings press release: "Our team has delivered another strong quarter, at the high end of our expectations. Despite the current macro headwinds, we remain confident in the long-term strategy we laid out during our Investor Day in March. We are building an eBay for the future with an eye toward delivering long-term, sustainable growth. Our enthusiast buyers continue to shop and engage on eBay regularly, and our results to date demonstrate our focus category playbook is working."
eBay highlighted the following in a section called First Quarter Financial Highlights:
- Revenue was $2.5 billion, down 6% on an as-reported basis and down 5% on a foreign exchange (FX) neutral basis.
- Gross merchandise volume (GMV) was $19.4 billion, down 20% on an as-reported basis and down 17% on an FX-Neutral basis.
- GAAP net loss from continuing operations was $1.3 billion, or $(2.28) per diluted share primarily driven by the change in fair value of our equity investments.
- Non-GAAP net income from continuing operations was $625 million, or $1.05 per diluted share.
- GAAP and Non-GAAP operating margin of 27.9% and 32.4%, respectively.
- Generated $629 million of operating cash flow and $546 million of free cash flow from continuing operations.
- Sold a portion of our shares in Adyen for $551 million.
- Returned $1.4 billion to shareholders, including $1.3 billion of share repurchases and $129 million paid in cash dividends.