E-commerce powerhouse eBay has reported first quarter revenues of US$4.3bn, up 14pc on last year. The company has taken the unusual step of repatriating US$9bn of overseas cash back to the US, incurring a US$3bn tax bill.
Total eBay-enabled commerce volume (ECV) increased 24pc in the first quarter to US$58 billion.
Mobile ECV advanced 70pc to US$11 billion representing 19pc of volume.
Mobile downloads since inception exceeded 240 million and attracted 6.5 million new customers in the quarter.
PayPal revenue grew to $1.8 billion. PayPal’s net total payment volume (TPV) grew 27pc with Merchant Services volume up 32pc and on-eBay volume up 15pc.
PayPal gained 5.8 million new active registered accounts to end the quarter at 148 million, up 16pc.
eBay Marketplaces revenue grew to US$2.2 billion. Marketplaces gained 4.7 million new buyers to end the quarter with 145 million active buyers, up 14pc. Top rated sellers in the company’s three largest markets grew their same-store-sales 19pc and offered free shipping on 53pc of transactions across those markets.
“We delivered a strong first quarter, with enabled commerce volume up 24pc and revenue up 14pc,” said eBay Inc. President and CEO John Donahoe.
“We are committed to delivering sustainable shareholder value and focusing on what matters most to our investors. We are executing our growth plans, capitalising on the synergies in our portfolio and aggressively executing our US$5.0 billion share buyback program.
“Today, we also announced a non-cash tax charge to facilitate repatriation of US$6.0 billion net in foreign earnings, increasing our available US cash and enhancing our financial flexibility.”
eBay HQ image via Shutterstock