eBay Q2 sales increase 5 percent

Second quarter sales at eBay Inc. of 2.5 billion dollars, were up 5 percent on an as-reported basis and up 6 percent on a FX neutral basis.

Gross merchandise volume (GMV) was 18.2 billion dollars, down 2 percent on an as-reported basis and down 1 percent on an FX neutral basis.

GAAP net income was 172 million dollars or 32 cents per diluted share, while non-GAAP net income was 555 million dollars or 1.03 dollars per diluted share.

"In Q2, we exceeded expectations on all key metrics while investing in sustainable growth," said Jamie Iannone, chief executive officer at eBay, adding, "Three years ago, I set our ambition of becoming the best global marketplace to buy and sell through a tech-led reimagination. Now, we're raising the bar for innovation and have evolved our vision – to reinvent the future of ecommerce for enthusiasts, only at eBay."

eBay's first-party advertising products, primarily driven by promoted listings, delivered 341 million dollars of revenue in the second quarter, up 47 percent on an as-reported basis and up 49 percent on an FX neutral basis.

The company's total advertising offerings generated over 367 million dollars in revenue, representing roughly 2 percent of GMV.

GAAP operating margin decreased to 20.4 percent for the quarter compared to 21.7 percent for the same period last year and non-GAAP operating margin decreased to 26.9 percent.

For the third quarter, the company expects to report revenues in the range of 2.46 to 2.52 billion dollars, up between 2 to 4 percent, GAAP diluted EPS in the range of 67 cents to 72 cents and non-GAAP diluted earnings in the range of 96 cents to 1.01 dollars.

eBay's board of directors has declared a cash dividend of 25 cents per share of the company's common stock payable on September 15, 2023 to stockholders of record as of September 1, 2023.