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eBay Q3 revenues decline but beat analyst estimates

By Prachi Singh


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Image: eBay press room

Third quarter revenue at eBay Inc. was 2.4 billion dollars, down 5 percent on an as-reported basis and down 2 percent on a foreign exchange (FX) neutral basis.

According to the Reuters report, third quarter revenue surpassed analysts' estimates of 2.32 billion dollars and adjusted per-share earnings of 1 dollar was 7 cents higher than estimates.

"Our third quarter results demonstrate significant progress against our long-term objectives and exceeded expectations for all key business metrics," said Jamie Iannone, chief executive officer at eBay.

Gross merchandise volume (GMV) for the quarter was 17.7 billion dollars, down 11 percent on an as-reported basis and down 5 percent on an FX-Neutral basis.

The company said, GAAP net loss was 70 million dollars or 13 cents per diluted share, primarily driven by the change in fair value of our equity investments. Non-GAAP net income was 552 million dollars or 1 dollars per diluted share.

GAAP and Non-GAAP operating margin was 23.9 percent and 28.9 percent, respectively.

The company returned over 421 million dollars to shareholders, including 301 million dollars of share repurchases and 120 million dollars paid in cash dividends.

eBay's board of directors has declared a cash dividend of 22 cents per share of the company's common stock payable on December 16, 2022 to stockholders of record as of December 1, 2022.