Ebay revenue surges despite drop in GMV
Online marketplace Ebay says its gross merchandise volume (GMV) slumped in the second quarter, but it returned US$383 million to shareholders.
For the quarter ended June 30, revenue was up 5 per cent to $2.5 billion on an as-reported basis while gross merchandise volume was down 2 per cent to $18.2 billion.
The company generated $605 million of operating cash flow and $492 million of free cash flow from continuing operations.
Jamie Iannone, CEO at Ebay, said the company has exceeded expectations on all key metrics in the second quarter.
Steve Priest, CFO at Ebay, described it as a “solid result” and added it exceeded expectations at or above the high-end of guidance ranges despite ongoing macroeconomic uncertainty.
“I am proud of our team for their continued focus and execution of our long-term objectives and strategy.”
Meanwhile, the company has launched its Authenticity Guarantee service for streetwear in the US and expanded it further to kids’ sneakers in the US and UK and trading cards in Canada.
Comment Manually
You must be logged in to post a comment.
No comments