Ebay Stock Surges After Q4 Earnings
Date
2/29/2024 3:13:25 PM
(MENAFN- Baystreet)
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Ambrose O'Callagha - Thursday, February 29, 2024
eBay Stock Surges After Q4 Earnings Ebay (NASDAQ:EBAY) is a San Jose-based company that operates marketplace platforms that connect buyers and sellers in the United States and around the world. This online retailer was one of the first to make a splash, and it has maintained a strong presence despite the meteoric rise of some of its competitors like Amazon. Shares of eBay have jumped 7.5% week-over-week as of close on Wednesday, February 28, 2024. The stock is now up 8.1% in the year-to-date period. eBay has enjoyed an uptick following the release of its final batch of fiscal 2023 earnings.
This company released its fourth quarter (Q4) and full-year fiscal 2023 earnings on Tuesday, February 27, 2024. In Q4 FY2023, eBay reported revenue of $2.6 billion – up 2% on an as-reported basis and up 3% on a foreign exchange (FX) neutral basis. Meanwhile, Gross Merchandise Volume (GMV) reached $18.6 billion – up 2% on an as-reported basis, but nearly flat on an FX-neutral basis. GAAP net income from continuing operations was $728 million or $1.40 per diluted share, while eBay generated $123 million of operating cash flow.
For the full year, eBay delivered revenue growth of 3% to $10.1 billion. Meanwhile, GMV fell 1% to $73.2 billion. GAAP net income from continuing operations was reported at $2.8 billion or $5.21 per diluted share. On the strategic front, eBay launched a new generative AI-powered social caption generator, promising to make social sharing easier for its sellers. Moreover, eBay opened its newest authentication center in Tokyo, Japan.
Shares of eBay currently possess a very favourable price-to-earnings ratio of 9.4. It also offers a quarterly dividend of $0.27 per share. That represents a 2.2% yield at the time of this writing.
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