Revenue
Profits and margins
eBay reported GAAP net income of $671 million, or $1.23 per share, in Q4 2022 compared to a net loss of $893 million, or $1.47 per share, in the same period last year. Adjusted EPS rose 2% to $1.07. GAAP operating margin dropped to 22.5% from 26.3% last year, while adjusted operating margin fell to 29.9% from 31.6% last year.
For the first quarter of 2023, eBay expects GAAP EPS to be $0.77-0.81 and adjusted EPS to be $1.05-1.09. Adjusted operating margin is expected to range between 29.1-29.7%.
Gross merchandise volume
In Q4 2022, GMV was $18.2 billion, down 12% on a reported basis and down 6% on an FX-neutral basis. US GMV declined 9% YoY while international GMV dropped 4% on an FX-neutral basis. For the first quarter of 2023, GMV is projected to range between $18-18.3 billion, representing organic FX-neutral growth between negative 5% and negative 4% YoY.
Click here to read the full transcript of eBay’s Q4 2022 earnings conference call