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• eBay reported its financial results for the first quarter on Wednesday.
• Here's what its CEO Jamie Iannone said in a press release today.
• eBay stock is currently up close to 20% versus its year-to-date low.

eBay Inc. (EBAY) is in the red in extended hours today even though it came in ahead of Street estimates for its fiscal Q1.

eBay stock down on muted guidance

The stock is taking a hit primarily because the management failed to impress with its guidance. $EBAY now forecasts its revenue to fall between $2.49 billion and $2.54 billion on up to $1.15 of per-share earnings.

Analysts, in comparison, were at $2.56 billion and $1.14, respectively. Jamie Iannone – the chief executive of eBay Inc. said in a press release today:

 

Our accelerating pace of innovation is fundamentally changing the selling and buying experience on eBay … and driving more value for shareholders.

The eCommerce giant returned $638 million to its shareholders in its recently concluded quarter in the form of dividend payments and stock buybacks. eBay stock is up close to 20% versus its year-to-date low at writing.

eBay Q1 earnings snapshot

• Earned $439 million versus the year-ago $569 million
• Per-share earnings also declined from $1.05 to 85 cents
• Adjusted EPS printed at $1.25 as per the earnings report
• Revenue inched up 2.0% year-over-year to $2.56 billion
• Consensus was $1.20 a share on $2.53 billion in revenue

eBay noted a 1.0% annualised growth in its gross merchandise volume to $18.6 billion in Q1. CEO Iannone also said on Wednesday: 

eBay’s Q1 results marked a strong start to 2024 as we continue to make progress toward our goal of sustainable GMV growth.

Wall Street currently has a consensus “hold” rating on eBay stock.

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