Editor's note: The headline of this story has been corrected to reflect eBay's revenue and EPS beat in the second quarter. We apologize for the error.
E-commerce and auction marketplace Ebay Inc EBAY reported second-quarter financial results after market close Wednesday. Here are the key highlights.
What Happened: Ebay reported second quarter revenue of $2.4 billion, down 9% year-over-year. The total came in ahead of a Street estimate of $2.37 billion, according to data from Benzinga Pro.
The company reported earnings per share of 99 cents in the second quarter, beating a Street estimate of 89 cents per share.
Ebay reported gross merchandise volume of $18.5 billion in the second quarter, down 18% year-over-year.
“Once again I am pleased to report another strong quarter. Our team delivered better than expected financial results across the board while continuing to make significant progress on our long-term initiatives,” eBay CEO Jamie Iannone said.
The CEO said a “focus category strategy” is working and added that payments and advertising are helping with future growth.
First party advertising hit $232 million in the second quarter, up 2% year-over-year.
Highlights in the quarter included an investment and partnership signed with Funko FNKO and the acquisition of NFT marketplace Known Origin.
Related Link: Analysts Stay On Ebay Sidelines After Q1 Earnings: Here's Why
What’s Next: Ebay is guiding for third-quarter revenue to hit a range of $2.29 billion to $2.37 billion versus a Street estimate of $2.3 billion, according to Benzinga Pro. Earnings per share are expected to be in a range of 89 cents to 95 cents in the third quarter.
The company sees full fiscal year revenue coming in a range of $9.6 billion to $9.9 billion versus a Street estimate of $9.68 billion. Full-year earnings per share are guided for a range of $3.95 to $4.10 versus a Street estimate of $3.98.
“Despite rising inflation, and an uncertain macro environment, we remain on track to deliver our 2022 commitments,” Iannone said.
EBAY Price Action: Shares of eBay are up 2.87% to $51.93 in after-hours trading Wednesday.
Disclosure: Author is long shares of FNKO.
Photo via Shutterstock.
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