Shulou(Shulou.com)11/24 Report--

According to news on the morning of April 27, Beijing time, eBay today released the company's first-quarter results for fiscal year 2023. According to the report, eBay's net revenue in the first quarter was $2.51 billion, up 1% from $2.483 billion in the same period last year, and 3% year-on-year, excluding exchange rate changes. Net profit from continuing operations was $569 million, compared with a net loss of $1.339 billion from continuing operations in the same period last year. EBay's first-quarter net profit from continuing operations, which is not in accordance with US GAAP, was $600 million, down 4 per cent from $625 million a year earlier.

EBay's first-quarter revenue and diluted earnings per share both beat Wall Street analysts' expectations and a better-than-expected outlook for second-quarter revenue, pushing its shares up more than 3 per cent in after-hours trading.

Summary: for the quarter ended March 31, eBay posted net profit of $569 million from continuing operations, compared with a net loss of $1.339 billion from continuing operations in the same period last year, and diluted earnings per share of $1.05 from continuing operations, compared with a diluted loss of $2.28 per share from continuing operations in the same period last year.

Excluding certain one-time items (not in accordance with GAAP), eBay's first-quarter net profit from continuing operations was $600 million, down 4% from $625 million in the same period last year; diluted earnings per share from continuing operations were $1.11, up 5% from $1.05 a year earlier, beating analysts' expectations. On average, 23 analysts had expected eBay's adjusted earnings per share to reach $1.07 in the first quarter, according to data provided by Yahoo Finance.

EBay's first-quarter net revenue was $2.51 billion, up 1 per cent from $2.483 billion in the same period last year, and 3 per cent year-on-year growth excluding currency changes, which also exceeded analysts' expectations. On average, 23 analysts had expected eBay's first-quarter revenue to reach $2.48 billion, according to Yahoo Finance.

EBay's total merchandise trading volume (GMV) in the first quarter was $18.4 billion, down 5 per cent from the same period last year, and 2 per cent year-on-year, excluding exchange rate changes. By region, total US merchandise trading volume in the first quarter of eBay was $9.01 billion, down 3 per cent from $9.335 billion in the same period last year, while international merchandise trading volume was $9.4 billion, down 7 per cent from $10.074 billion in the same period last year.

In the first quarter, eBay had 133 million active buyers, down 7 per cent from 142 million in the same period last year. Excluding GittiGidiyor and TCGplayer platforms, eBay had 131 million active buyers, down 5 per cent from 138 million in the same period last year.

EBay's first-quarter net revenue cost was $700 million, compared with $689 million in the same period last year. EBay's first-quarter gross profit (net revenue less net revenue cost) was $1.81 billion, compared with $1.794 billion in the same period last year.

EBay's total operating expenses were $1.252 billion in the first quarter, compared with $1.102 billion in the same period last year. Of this total, sales and marketing expenditure was $511 million, compared with $478 million for the same period last year; product development expenditure was $352 million, compared with $301 million for the same period last year; general and administrative expenses were $297 million, compared with $226 million for the same period last year; the provision for transaction losses was $84 million, compared with $9600 for the same period last year. Amortized expenditure on intangible assets was $8 million, compared with $1 million in the same period last year.

EBay's first-quarter operating profit was $558 million, compared with $692 million in the same period last year. Excluding certain one-time items (not in accordance with GAAP), eBay's adjusted operating profit was $744 million in the first quarter, compared with $805 million in the same period last year.

EBay's operating margin was 22.2% in the first quarter, compared with 27.9% in the same period last year. Excluding some one-time items (not in accordance with GAAP), eBay's adjusted operating margin was 29.6% in the first quarter, compared with 32.4% in the same period last year.

The effective tax rate for eBay's continuing operations in the first quarter was 22.1%, compared with 18.8% in the same period last year. Excluding some one-time items (not in accordance with GAAP), the adjusted effective tax rate for eBay's continuing operations in the first quarter was 16.5%, compared with 16.5% in the same period last year.

EBay generated operating cash flow of $841 million and free cash flow of $709 million from ongoing operating activities in the first quarter.

In the first quarter, eBay bought back more than 5 million common shares, with a total value of approximately $250 million. As of March 31, 2023, eBay's approved remaining redeemable shares were worth approximately $2.6 billion. In addition, eBay paid out a cash dividend worth $134 million in the first quarter.

As of March 31, 2023, total cash and cash equivalents and non-equity investments held by eBay amounted to $5 billion.

The Board of Directors of eBay announced the approval of a cash dividend of $0.25 per common share, which will be paid to shareholders of record as of June 1, 2023.

Performance outlook: eBay expects net revenue of between $2.47 billion and $2.54 billion in the second quarter of fiscal 2023, up 1% to 4% year-on-year, excluding currency changes, with an average of $2.505 billion, exceeding analysts' expectations. On average, 22 analysts had expected eBay's second-quarter revenue to reach $2.43 billion, according to Yahoo Finance.

In terms of earnings outlook, eBay expects diluted earnings per share from continuing operations to be between $0.65 and $0.70 per share in accordance with GAAP in the second quarter of fiscal 2023; without GAAP, diluted earnings per share from continuing operations are expected to reach between 96 and 1.01 dollars, with an average of $0.985, roughly in line with analysts' expectations. On average, 22 analysts had expected eBay to earn 99 cents a share in the second quarter, according to data provided by Yahoo Finance.

Share price movements: eBay shares fell 65 cents, or 1.48 percent, to close at $43.36 in regular Nasdaq trading. EBay shares rose $1.31, or 3.02 per cent, to $44.67 in after-hours trading as of 05:06 EDT on the 26th (05:06 Beijing time on the 27th). In the past 52 weeks, the highest price of the eBay is $54.49 and the lowest price is $35.92.

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