EBay slides after guidance shows strains from macro headwinds, post-pandemic letdown
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EBay (NASDAQ:EBAY) plunged in after-hours trading on Wednesday after macro headwinds hit the company's guidance and the comparables to the pandemic era proved to be tough to match.
EBay (EBAY) reported gross merchandising volume fell 20% Y/Y in Q1 to $19.4B against the tough pandemic comparable. GMV was down 17% on a FX-neutral basis.
Annual active buyers declined by 12.9% to 142M global active buyers.
Non-GAAP operating margin fell sharply to 32.4% of sales from 37.3% a year ago.
The company generated $629M of operating cash flow and $546M of free cash flow from continuing operations in Q1.
On the buyback front, eBay (EBAY) disclosed that it repurchased approximately $1.25B worth of common stock in Q1. The company's total repurchase authorization remaining as of March 31 was $4.7B.
CEO update: ""Despite the current macro headwinds, we remain confident in the long-term strategy we laid out during our Investor Day in March. We are building an eBay for the future with an eye toward delivering long-term, sustainable growth."
Looking ahead, eBay sees FQ2 revenue of $2.35B to $2.40B vs. $2.54B consensus and EPS of $0.87 to $0.91 vs. $1.02 consensus. FY22 revenue of $9.6B to $9.9B is anticipated vs. $10.39B consensus.
The e-commerce company has a conference call scheduled for 5:00 p.m. ET.
Shares of eBay (EBAY) fell 6.93% in after-hours trading to $50.65 and adding 1.80% during the regular session.
See all the growth grades and underlying metrics on eBay.