eBay posted a solid earnings statement for the first quarter of 2013 with significant growth for its core products, especially PayPal and Marketplaces.
The e-commerce giant reported first quarter earnings of $677 million, or 51 cents a share (statement). Non-GAAP earnings were 63 cents a share on a revenue of $3.7 billion -- up by 14 percent from the same quarter last year.
eBay was expected to report first quarter earnings of 62 cents a share on a non-GAAP basis on revenue of $3.76 billion.
Based on revenue and earnings across its portfolio, it looks like the mobile and back-end infrastructure strategies are the big drivers for eBay's growth.
Here are some highlights:
- eBay Inc. gained approximately 2.8 million new customers in Q1 via mobile channels, which contributed to double-digit growth in active users for both PayPal and Marketplaces.
- PayPal revenue increased by 18 percent to $1.5 billion. Active accounts jumped by five million, a 16 percent increase.
- Marketplaces revenue increased 13 percent to $2.0 billion with 3.9 million new active users, also a 13 percent increase.
- GSI Commerce posted $236 million in revenue for the first quarter. The enterprise commerce platform, in particular, generated $807 million in global e-commerce merchandise sales, while its marketing services fee business produced $50 million in revenue.
CEO John Donahoe reflected on the quarter in prepared remarks:
We had a strong first quarter, with accelerating user growth across both Marketplaces and PayPal, and with GSI enabling their retail clients to grow faster than ecommerce. Technology is creating a commerce revolution, and we are in the forefront with strong mobile leadership and a focus on helping retailers and brands engage consumers anytime, anywhere.
However, it's not all sunshine for eBay as it missed on the outlook.
eBay posted a second quarter revenue forecast of $3,800 million to $3,900 million with non-GAAP earnings between 61 and 63 cents per share.
But Wall Street is expecting Q2 earnings of 66 cents a share on revenue of $3.95 billion.
For 2013, eBay is predicting revenue to fall between $16 million and $16.5 million with non-GAAP earnings between $2.70 and $2.75 a share.
Slides via eBay Investor Relations