eBay’s Q1 2023 Financial Results Exceed Expectations
Founded in 1995, eBay has become one of the largest and most vibrant marketplaces today, offering exceptional value and a distinctive variety of products. On 26 April 2023, the company disclosed its financial results for Q1 2023, which surprisingly outperformed prior projections. Some of the key highlights of the announcement were as follows:
Revenue surpassed $2.5 billion, indicating a 1% rise on an as-reported basis and a 3% rise on a foreign exchange (FX) neutral basis.
The Gross Merchandise Volume (GMV) amounted to $18.4 billion, reflecting a 5% decline on an as-reported basis and a 2% drop on an FX-Neutral basis.
The GAAP operating margin was 22.2%, while the Non-GAAP operating margin was 29.6%.
eBay generated $841 million in operating cash flow and $709 million in free cash flow from continuing operations.
The company returned a total of $384 million to shareholders, consisting of $250 million in share repurchases and $134 million paid in cash dividends.
"I am proud of our team for delivering another strong quarter. This is a solid start to the year as we've exceeded expectations on our key financial and operating commitments while making significant progress against our long-term objectives," expressed Jamie Iannone, Chief Executive Officer at eBay. "We saw strength in our focus categories, which once again outpaced the rest of the marketplace. And the combination of eBay's vast data and AI expertise are accelerating innovation on the platform."
This better-than-expected financial performance is a testament to eBay's continued success in providing its customers with a seamless and enjoyable e-commerce experience. eBay's commitment to innovation and excellence, coupled with its dedication to providing the highest level of customer service, has enabled the company to thrive in the competitive e-commerce landscape.
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