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Shares of eBay Inc. (NASDAQ: EBAY ) fell more than 2% on Monday. The stock has fallen 18% over the past 12 months. The company saw both revenue and gross merchandise volume (GMV) in its most recent quarter while adjusted EPS rose compared to the year-ago period. Here’s a look at our near-term expectations:
results
In the fourth quarter of 2022, eBay generated revenue of $2.5 billion, which was down 4% year-over-year on a reported basis and 1% on an FX-neutral basis. For the first quarter of 2023, eBay expects revenue to be between $2.46-2.50 billion, which represents organic FX-neutral growth of 0-2% annually.
Profit and loss
eBay reported GAAP net income of $671 million, or $1.23 per share, in Q4 2022 compared to a net loss of $893 million, or $1.47 per share, in the same period last year. Adjusted EPS rose 2% to $1.07. GAAP operating margin fell to 22.5% from 26.3% last year, while adjusted operating margin fell to 29.9% from 31.6% last year.
For the first quarter of 2023, eBay expects GAAP EPS to be $0.77-0.81 and adjusted EPS to be $1.05-1.09. Adjusted operating margin is expected to be between 29.1-29.7%.
Volume of merchandise
In Q4 2022, GMV was $18.2 billion, down 12% on a reported basis and down 6% on an FX-neutral basis. US GMV declined 9% YoY while international GMV declined 4% on an FX-neutral basis. For the first quarter of 2023, GMV is expected to be between $18-18.3 billion, indicating organic FX neutral growth of between negative 5% and negative 4% YoY.
Click here to read the full transcript of eBay’s Q4 2022 earnings conference call
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