eBay Inc. announced its financial results for the second quarter of 2024, revealing a mix of modest growth and strategic advancements. The company reported a revenue increase to $2.6 billion, up 1 percent year-over-year on a reported basis and 2 percent on a currency-neutral basis. Gross Merchandise Volume (GMV) also rose to $18.4 billion, reflecting a 1 percent increase.
CEO Jamie Iannone attributed the growth to the momentum in focus categories and innovative AI capabilities that enhance customer experiences. Despite an uneven demand environment, eBay achieved a GAAP net income of $226 million and a non-GAAP net income of $602 million.
Financial highlights for Q2 include a GAAP operating margin of 21.3 percent and a non-GAAP operating margin of 27.9 percent. The company generated $367 million in operating cash flow and $278 million in free cash flow. eBay also completed the sale of Adevinta shares, netting $2.4 billion in cash and shares of the newly privatized entity, Aurelia, valued at $1.9 billion.
Strategically, eBay returned $1.1 billion to shareholders through $1.0 billion in share repurchases and $135 million in cash dividends. The company also expanded its offerings and partnerships, including the acquisition of Goldin from Collectors, the introduction of Venmo as a payment option, and the launch of a sustainability collaboration with Seagate.
eBay continues to innovate, launching AI-powered features such as Shop the Look and an AI-powered background enhancement tool for listings. Additionally, eBay expanded its consignment service in the US to include luxury items and became an official partner of the McLaren Formula 1 Team.
In the realm of impact, eBay released its 2023 Impact Report and launched a unique partnership with Elton John, raising funds for the Elton John Aids Foundation. The eBay Foundation granted nearly $7 million to nonprofits, and eBay for Charity contributed over $47 million globally in Q2.
