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eBay revenues increase 6 percent in Q1

By Prachi Singh

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Report |REPORT

Gross merchandise volume (GMV) at eBay for the quarter ended March 31, 2016 was 20.5 billion dollars, an increase of 5 percent on a foreign exchange neutral basis and 1 percent on an as-reported basis, which the company said reflects the continued impact of a strong US dollar. Revenue for the quarter of 2.1 billion dollars increased 6 percent on an FX-Neutral basis and 4percent on an as-reported basis.

"Q1 represents another quarter of solid results, as we continue to position eBay for long-term success," said Devin Wenig, President and CEO of eBay, adding, "We are executing our plan and making progress on our strategic priorities to ensure our buyers have the best choice of products and a simple, personalized shopping experience, while sellers benefit from our powerful selling platform."

Q1 financial highlights

Non-GAAP net income from continuing operations was 550 million dollars, or 0.47 dollar per diluted share, and GAAP net income from continuing operations was 482 million dollars, or 0.41 dollar per diluted share.

The marketplace platforms delivered 19.6 billion dollars of GMV and 1.8 billion dollars in revenue for the first quarter. Marketplace revenue was up 3 percent on an FX-Neutral basis and flat year over year on an as-reported basis, driven by stable GMV growth and strong performance in marketing services. StubHub had another quarter of strong performance, driving GMV of 869 million dollars and revenue of 177 million dollars, up 34 percent.

Business outlook reflects revenue growth

For the second quarter, the company expects net revenue between 2.14 billion dollars and 2.19 billion dollars, representing FX-Neutral growth of 4 percent – 6 percent, with non-GAAP earnings per diluted share from continuing operations in the range of 0.40 dollar - 0.42 dollar and GAAP earnings per diluted share from continuing operations in the range of 0.32 dollar - 0.34 dollar.

For the full year, the company expects net revenue between 8.6 billion dollars and 8.8 billion dollars, representing FX-Neutral growth of 3percent to 5 percent.

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