eBay (EBAY) Q3 2024 earnings summary

Executive summary

• Gross merchandise volume (GMV) reached $18.3 billion, up 2% as-reported and 1% FX-neutral year-over-year, with revenue rising 3% to $2.58 billion.

• Non-GAAP EPS increased 16% to $1.19, while GAAP EPS was $1.29; non-GAAP operating margin rose to 27.2%.

• Strategic initiatives in C2C, AI-driven product enhancements, and advertising, plus UK enhancements and expanded payment options, supported growth.

• Active buyers grew 1% to 133 million, with 16 million enthusiast buyers; focus categories like motors, collectibles, and luxury fashion outpaced overall growth.

• Over $49 million raised for charity and $3 million awarded to global grantees, highlighting community impact.

Financial highlights

• GMV: $18.3 billion, up 2% as-reported and 1% FX-neutral; revenue: $2.58 billion, up 3% year-over-year.

• Non-GAAP operating income: $700 million (27.2% margin); GAAP operating margin: 23.1%.

• Non-GAAP EPS: $1.19, up 16%; GAAP EPS: $1.29.

• Free cash flow: $646 million; cash and investments: $5.8 billion.

• Returned $881 million to shareholders via $750 million in repurchases and $131 million in dividends.

Outlook and guidance

• Q4 GMV expected at $18.9–$19.3 billion; revenue $2.53–$2.59 billion; non-GAAP EPS $1.17–$1.22.

• Full-year 2024 revenue guidance: $10.23–$10.29 billion; non-GAAP EPS $4.80–$4.85.

• 2025 planning assumes positive FX-neutral GMV and revenue growth, operating income growth ahead of GMV, and high single-digit EPS growth.

• Board declared a $0.27 per share dividend for Q4, payable December 13, 2024.

• Management expects continued macroeconomic headwinds, inflation, FX volatility, and geopolitical events to impact results.