eBay connects millions of buyers and sellers across the globe. Credit: JHVEPhoto/Shutterstock.

E-commerce marketplace eBay has announced revenue of $2.57bn in the second quarter (Q2) of the fiscal year 2024 (FY24), up 1% on an as-reported basis and up 2% on a foreign exchange (FX) neutral basis compared to $2.54bn in the same period in fiscal 2023. 

The company’s GAAP [generally accepted accounting principles] net income from continuing operations saw a significant jump to $226m, a 31% increase from the $172m reported in the same quarter of the previous year.

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Its GAAP earnings per diluted share (EPS) also rose to $0.45 in Q2 FY24, up by 39% from $0.32 in Q2 FY23. 

eBay’s operating margin improved to 21.3%, a slight increase from 20.4% in the corresponding period of 2023.  

The marketplace also posted gross merchandise volume (GMV) of $18.4bn over the quarter, up by 1% on both an as-reported and FX [foreign exchange]-neutral basis from the previous year. 

During the quarter, eBay completed the sale of Adevinta shares, which resulted in a $2.4bn cash influx and shares in Aurelia valued at $1.9bn.  

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eBay CEO Jamie Iannone said: “eBay’s strong Q2 results mark another step toward achieving sustainable, long-term growth. The continued momentum in focus categories contributed to our increase in GMV, while new AI capabilities are driving innovation across the platform and transforming the experience for eBay customers around the world.” 

Looking ahead to Q3 FY24, eBay anticipates revenue to be in the range of $2.50bn to $2.56bn, representing a 1% to 3% increase on an FX-neutral Y/Y basis.  

The company also expects GAAP diluted EPS to be between $0.82 and $0.87.  

In May, eBay launched a “resell on eBay” feature aimed at simplifying the listing process for clothing resale.