eBay Inc. today reported that revenue for Q1FY12, increased 29% to $3.3 billion, compared to the same period of 2011. We recorded Q1 net income on a GAAP basis of $570 million, or $0.44 per diluted share, and non-GAAP net income of $725 million, or $0.55 per diluted share. The year-over-year increase in first quarter GAAP earnings per diluted share was driven primarily by strong top-line growth partially offset by increased investment in the shopping experience and the impact of acquisitions.
“The first quarter was a strong start to the year for us with momentum continuing in our Marketplaces, PayPal and GSI Commerce businesses,” said eBay Inc. President and CEO John Donahoe. “We believe that innovation in retail today is technology driven, and consumers are embracing smarter, easier, better ways to shop. We are enabling commerce in this new retail environment, supporting and partnering with sellers of all sizes and giving consumers worldwide the ability to shop anytime, anywhere, for whatever they want.”
There are a number of options for you to get more information around today’s earnings announcement. You can listen along to the live eBay earnings call. You can follow along with my tweets in real-time, beginning at 2pm PT.
You can access the full Q1 2012 eBay earnings announcement.
For folks interested in following the entire conversation on StockTwits, go to http://stocktwits.com/symbol/EBAY.
Business Highlights
PayPal
PayPal ended the quarter with 109.8 million active registered accounts, a 12% increase year over year. On average, PayPal added more than 1 million new accounts every month in Q1 2012. PayPal revenue increased 32% year over year and PayPal’s net total payment volume (TPV) grew 24% to $34 billion in Q1 compared to the same period of last year. PayPal expects to process $7 billion in mobile TPV in 2012. The Home Depot launched PayPal payments in all of its nearly 2,000 U.S. stores, giving shoppers the opportunity to pay using just their mobile phone number or PayPal payment card and PIN.
eBay Marketplaces
The Marketplaces business also delivered a strong Q1. Gross merchandise volume (GMV), excluding vehicles, increased by 12% year over year to $16 billion with sold items up 17% globally year over year. U.S. GMV excluding vehicles increased 13% year over year. International GMV, excluding vehicles, increased 11% year over year.
Downloads of eBay’s suite of mobile apps surpassed 12 million in the first quarter and 78 million globally since the launch of mobile in the third quarter of 2008. eBay expects to generate $8 billion in mobile volume transacted in 2012.
GSI
GSI, which was acquired in the second quarter of 2011, contributed $237 million in revenue for the first quarter. GSI generated $715 million in global ecommerce (GeC) merchandise sales during the quarter. Same store sales grew 26% year over year, reflecting strong ecommerce sales from retail clients.
Business Outlook
• Second quarter 2012 — eBay expects net revenues in the range of $3,250 – $3,350 million with GAAP earnings per diluted share in the range of $0.49 – $0.51 and non-GAAP earnings per diluted share in the range of $0.53 – $0.55.
• Full year 2012 — eBay now expects net revenues in the range of $13,800 – $14,100 million with GAAP earnings per diluted share in the range of $1.91 – $1.96 and non-GAAP earnings per diluted share in the range of $2.30 – $2.35.
Cheers,
RBH
eBay Beats; Q1 Revenue Up 29 Percent To $3.3B; Net Income Up 20 Percent tcrn.ch/HSOvo1 by @leenarao
— TechCrunch (@TechCrunch) April 18, 2012
EBay reports 20% higher profit; shares rise after hours on.mktw.net/J0SvmA
— MarketWatch (@MarketWatch) April 18, 2012
