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Last Update: 18-Apr-13 07:38 ET
Ebay shares fall 3% following downside guidance
eBay (EBAY $54.20 -1.90) reported first quarter earnings of $0.63 per share, $0.01 better than the Capital IQ consensus of $0.62, while revenues rose 14.4% year/year to $3.75 billion versus the $3.77 billion consensus. The company issued downside guidance for the second quarter with EPS of $0.61-0.63, excluding non-recurring items, versus the $0.66 consensus, with revenues of $3.8-3.9 billion versus the $3.96 billion consensus. The company reaffirmed guidance for fiscal year 2013 with EPS of $2.70-2.75, excluding non-recurring items, versus the $2.75 consensus and revenues of $16.0-16.5 billion versus $16.39 bln Capital IQ Consensus. The co's PayPal business delivered strong first quarter performance with revenue increasing 18% to $1.5 billion. PayPal gained 5 million active registered accounts in the period and ended the quarter with 128 million, a 16% increase. PayPal's net total payment volume (TPV) grew 21% to $41 billion, driven by consumer and merchant use of PayPal both on and off eBay. The co's Marketplaces business also delivered strong first quarter performance with revenue increasing 13% to $2.0 billion. Marketplaces gained 3.9 million active users in the period and ended the quarter with 116 million, a 13% increase. Gross merchandise volume (GMV), excluding vehicles, increased 13% to $18 billion, reflecting the continued improvements to eBay's core technology designed to make it easier and faster for consumers to shop and buy. Sold items increased 12%. Fixed price GMV grew 17% globally and represented 68% of total GMV. U.S. GMV, excluding vehicles, increased 16% as mobile engagement and momentum in fashion and tickets were key drivers of growth. International GMV, excluding vehicles, increased 11% to $11 billion. Marketplaces continues to invest in innovation and expanding its addressable market both locally and globally. Non-GAAP operating margin increased to 27.4% in the first quarter, compared to 26.9% for the same period last year. The co repurchased approxmately $476 million of its common stock in the first quarter of 2013.
