eBay surpassed first quarter earnings expectations when it reported after the bell on Tuesday. Shares ticked up 5% following the announcement.
The e-commerce giant brought in $2.1 billion in revenue, when analysts were expecting $2.08 billion. The company also posted an adjusted 47 cents per share, when Wall Street was forecasting 45 cents.
eBay also reported quarterly gross merchandise volume (GMV) of $20.5 billion. While this is not the same as revenue, it’s a measurement of the total transactions that are occurring on eBay’s platforms. The majority of the sales came from the marketplace business, yet the StubHub ticket business accounted for $869 million in GMV and $177 million in revenue, a 34% increase from last year, due to growth in sports and concert tickets.
“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, in a statement. “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.”
This was a much-needed boost for eBay. Since separating from PayPal last summer, the company has struggled to maintain investor enthusiasm. Shares are down 59% in the past year.
One of the internet’s original e-commerce platforms, eBay says it has 900 active listings on its site at any point in time.
Shares closed Tuesday at $24.48. The company has a market cap of $27.8 billion.
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