E-commerce company eBay has reported a gross profit of $1.82bn in the second quarter (Q2) of fiscal year (FY) 2023, up from $1.75bn in the same period of FY22.

The company’s revenue for Q2 FY23 was $2.5bn, up 5% on an as-reported basis and up 6% on a foreign exchange (FX) neutral basis.

For the quarter ending 30 June 2023, eBay’s gross merchandise volume (GMV) was $18.2bn, down 2% on an as-reported basis against the prior year’s quarter.

The company’s net income from continuing operations, as calculated on generally accepted accounting principles (GAAP), was $172m against a net loss of $536m in Q2 FY22.

Its GAAP and non-GAAP earnings per diluted share (EPS) for Q2 FY23 were $0.32 and $1.03, respectively.

The company’s operating margin was 20.4%, as calculated on GAAP.

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By GlobalData

eBay chief executive officer Jamie Iannone said: “In Q2, we exceeded expectations on all key metrics while investing in sustainable growth. Three years ago, I set our ambition of becoming the best global marketplace to buy and sell through a tech-led reimagination.

“Now, we’re raising the bar for innovation and have evolved our vision – to reinvent the future of ecommerce for enthusiasts, only at eBay. This work is already producing compelling results and we are confident the sharper focus will deliver long-term returns to our shareholders.”

In the year to date, eBay’s revenue increased to $5.05bn from $4.90bn in the same period a year ago.

Its gross profit for this period expanded to $3.63bn from $3.55bn.

For the third quarter, the company expects a $2.46bn – $2.52bn in revenue and diluted GAAP EPS of $0.67 – $0.72.