eBay has reported better-than-expected first-quarter earnings results as profits continue to climb in tandem with ongoing SEO improvement and digitization efforts.
The online auction platform's Q1 2021 earnings (statement) (.PDF), ending March 31, 2021, reveal revenues of $3 billion, up 42% year-over-year (or 38% on an FX-neutral basis with basic earnings per share (EPS) of $0.82 ($1.09 non-GAAP).
In Q4 2020, eBay reported $2.87 billion in revenue with basic EPS of $0.86.
Non-GAAP net income reached $758 million.
The vendor says Promoted Listings delivered close to $224 million in revenue alone during the quarter, up 64% on an as-reported basis and up 58% on an FX-Neutral basis. eBay reported $938 million in operating cash flow and $855 million of free cash flow during Q1 2021.
eBay's gross merchandise volume, or GMV -- a measure of the total transactional value of goods and services -- increased by 29% on an as-reported basis and up 24% on an FX-Neutral basis to reach $27.5 billion.
The number of annual active buyers increased by 7% across its platforms, a total of 187 million. Annual active sellers grew by 8%, or to 20 million.
During the first quarter, eBay also repurchased $292 million in common stock, or over five million shares, as part of the firm's repurchase program. In total, total repurchase authorization remaining as of March 31 is $5.7 billion.
"We delivered another strong quarter for the company and an excellent start to the year for our buyers and sellers," commented eBay CEO said Jamie Iannone. "We generated tremendous volume and earnings, with revenue growth the highest it has been since 2005. Last July, I laid out our vision for a Tech-led reimagination of eBay and our results prove this long-term strategy is working. While we have more work to do, we are confident we are on a path of continued growth in the years ahead."
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