US' eBay's revenue rises 2% to $2.6 bn in Q1 FY24

The e-commerce giant reported a GAAP net income from continuing operations of $439 million, translating to $0.85 per diluted share. On a non-GAAP basis, the net income from continuing operations reached $648 million, or $1.25 per diluted share, highlighting a more robust profitability under non-GAAP measures.

Operational efficiency appears to have improved, with the GAAP operating margin increasing significantly from 22.2 per cent in the first quarter of the previous year to 24.7 per cent in Q1 FY24. The non-GAAP operating margin also saw a rise, reaching 30.3 per cent compared to 29.6 per cent in the same period last year, the company said in a press release.

"eBay's Q1 results marked a strong start to 2024 as we continue to make progress toward our goal of sustainable GMV growth," said Jamie Iannone, chief executive officer at eBay. "We believe our accelerating pace of innovation is fundamentally changing the selling and buying experience on eBay, generating better outcomes for customers, increasing productivity across our organization, and ultimately driving more value for shareholders."

Fibre2Fashion News Desk (DP)