EBAY stock declines by 11.31% in the current market trading after eBay has announced its first-quarter 2021 financial results because the results have not been able to meet the analyst’s expectations, as per news. eBay is the world’s largest online marketplace, connecting millions of buyers and sellers in 190 countries. Individuals, entrepreneurs, companies, and organizations of all sizes benefit from their services.
On April 28, 2021 EBay has announced its financial results of first quarter 2021. Given below is the summary:
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- Revenue increased 42 percent on an as-reported basis and 38 percent on a foreign exchange (FX) neutral basis to $3.0 billion.
- On an as-reported basis, gross merchandise volume (GMV) was $27.5 billion, rose 29%, and on an FX-Neutral basis, it was $27.5 billion, an increase of 24%
- EBAY earned $569 million in GAAP net income from operating activities, or $0.82 per diluted share.
- EBAY earned $758 million in non-GAAP net income from continuing operations or $1.09 per diluted share.
- Continuing operations produced $938 million in operating cash flow and $855 million in free cash flow.
- EBAY’s annual active buyers increased by 7%, bringing the total number of active buyers to 187 million worldwide.
- Annual active sellers increased by 8% making the total number of active sellers to 20 million worldwide.
- As of March 31, 2021, EBAY’s cash and cash equivalents and non-equity assets portfolio reached $3.9 billion.
Jamie Iannone, Chief Executive Officer at eBay commented:
EBAY has had another solid quarter and a fantastic start to the year for buyers and sellers. EBAY had a record year in terms of volume and profits, with sales growth reaching new highs, haven’t seen since 2005. He stated that he laid out the vision for a Tech-led reimagination of eBay in July and that the results show that their long-term plan is working. Although EBAY still has work to do, the team is optimistic that the company will continue to expand in the coming years.