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August 12, 2021updated 03 Nov 2021 5:57am

eBay records 14% increase in second-quarter revenue

The company expects its revenue for the third quarter to be in the range of $2.42bn to $2.47bn.

E-commerce retailer eBay has posted better than expected results for the second quarter of the year, with its revenue up by 14% to $2.7bn on an as-reported basis.

During the three months to 30 June, the company’s revenue rose by 11% on a foreign exchange (FX) neutral basis.

eBay’s net income from continued operations was $294m on a generally accepted accounting principles (GAAP) basis, while its earnings per share (EPS) were $0.43.

Non-GAAP net income from continuing operations during the second quarter was $675m, with an EPS of $0.99.

The company said that the number of its annual active buyers declined by 2%, with 159 million global active buyers in the quarter.

In the same period, the number of its annual active sellers rose by 5%, reaching a total of 19 million global active sellers.

During the quarter, eBay agreed to divest 80.01% of its share in eBay Korea to South Korean retailer Emart for around KRW3.44tn ($3.0bn).

The company also sold around 135 million shares of its stake in Adevinta, an online classifieds specialist, to Permira for more than $2.4bn.

eBay CEO Jamie Iannone said: “Today I am pleased to announce another strong quarter.

“In [the second quarter], on an apples-to-apples basis, all key business metrics met or exceeded expectations and revenue growth was driven by the acceleration in our payments migration and growth in advertising.

“During the quarter, we hit several important milestones in our ongoing transformation, including the transition of eBay’s Classifieds business, a deal that has already delivered exceptional shareholder value, and the announcement of the sale of our Korean business.

“We are simplifying our portfolio and growing our core while delivering significant shareholder value.”

The company expects its third-quarter revenues to be in the range of $2.42bn to $2.47bn and its diluted GAAP EPS to be between $0.64 and $0.68.