Gross Merchandise Volume (GMV): Roughly flat at $18.6 billion.
Revenue: Grew more than 2% to $2.56 billion.
Non-GAAP Operating Margin: 30.3%.
Non-GAAP Earnings Per Share: Rose 13% to $1.25.
Shareholder Returns: eBay returned $638 million to shareholders through repurchases and dividends.
Advertising Revenue: Grew 20% to $384 million, representing 2.1% penetration of GMV.
First-Party Ads Revenue: Grew 28% to $370 million.
Future Guidance
GMV Growth: eBay remains on track for GMV growth to turn positive by Q3 or Q4 of the current year.
Closing Conditions: The deals with collectors and the acquisition of Golden are expected to close during Q2, subject to closing conditions.
Trends, Market Conditions, Sentiment
Focused Categories Growth: Continued to outpace the remainder of the marketplace, with nearly 5% growth in Q1, highlighting the importance of specialized categories such as Motors, Parts & Accessories.
Geographical Performance: Mixed geographical performance, with stable U.S. GMV but softness in the U.K. C2C volumes due to new digital sales reporting requirements.
Buyer Engagement: Trading 12-month active buyers and enthusiast buyers were stable, indicating sustained user engagement.
Discretionary E-Commerce Environment: eBay continues to navigate challenges in the global discretionary e-commerce market, particularly in the U.K. and Germany.
Sustainability and Second Life Goods: Preowned and refurbished goods reached 40% of total GMV, showcasing eBay’s commitment to sustainability and the circular economy.
AI and Innovation: Significant emphasis on generative AI to improve customer experience, increase organizational productivity, and drive innovation.
Ad Business Growth: eBay’s ad business continues to grow healthily and increase velocity, indicating a strong value proposition for sellers.
Social Responsibility: eBay’s commitment to diversity, equity, inclusion, and charitable activities was highlighted, continuing its purpose-driven approach to business.
Notable Quotes
”We delivered strong results in Q1, even as we continue to navigate ongoing challenges in the global economy.” - Jamie Iannone, CEO.
”Our momentum and excelling pace of innovation are a testament to the incredible work of our employees who continue to execute our strategic roadmap in service of our customers.” - Jamie Iannone, CEO.
”We exceeded expectations across our key financial metrics in Q1 despite an even demand environment in our major markets to start the year.” - Stephen Priest, CFO.
