American e-commerce company eBay has exceeded expectations across key financial metrics in the first quarter (Q1) of fiscal 2025 (FY25), with revenue up 1% on an as-reported basis.
“FX-neutral” refers to the practice of presenting or calculating financial data using a constant or consistent foreign exchange rate between periods, even if the actual exchange rate has fluctuated. This method allows for a clearer comparison of performance.
Net revenue stood at $2.59bn in the quarter compared with $2.56bn reported in the corresponding quarter of the previous fiscal year.
The company’s gross merchandise volume (GMV) also saw a modest rise to $18.8bn, marking a 1% year-on-year growth.
Generally accepted accounting principles (GAAP) net income from continuing operations rose to $505m in Q1 FY25, up from $439m in the first quarter of fiscal 2024.
This translates to an earnings per share boost of 25% to $1.06, compared to $0.85 in the same quarter of the previous year.
However, eBay’s GAAP operating margin experienced a slight contraction, settling at 23.8% for the first quarter of 2025, down from 24.7% during the same period of 2024.
eBay chief executive officer Jamie Iannone stated: “eBay’s first quarter results were ahead of expectations, as we delivered our fourth consecutive quarter of positive GMV growth. Our focus categories and geo-specific investments are driving momentum in the business, and we continue to innovate – leveraging Al to make our marketplace more efficient and intuitive for customers.”
During the earnings call, Iannone said: “While our business is not immune to increased costs and friction associated with tariffs, our dynamic global supply and demand is an advantage in this environment.
“Our extensive selection of pre-loved and non-new and seasoned goods across a variety of categories can also help mitigate the pressure on consumers’ discretionary budgets during periods of rising costs.”
eBay chief financial officer (CFO) Steve Priest stated: “To account for a variety of scenarios in the remainder of the quarter, we are providing wider than usual guidance ranges for Q2.”
In the second quarter of the fiscal year, eBay projects revenue to fall between $2.59bn and $2.66bn and anticipates GMV to range between $18.6bn and $19.1bn.
The company also announced an upcoming change in its executive team with Priest set to depart.
Peggy Alford will step into the CFO from 12 May 2025. Priest’s advisory tenure will contineu until 31 July.
Alford will initially join eBay in an advisory capacity on 5 May before her official appointment as CFO.
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