Though EBAY beat Q1 estimates, it's guiding for Q2 revenue of $4.325B-$4.425B and EPS of $0.67-$0.69, largely below a consensus of $4.40B and $0.70. Full-year guidance (revenue of $18B-$18.5B and EPS of $2.95-$3.00) has been reiterated.
PayPal division revenue rose 19% Y/Y (even with Q4) to $1.85B, payments volume grew 27% (better than Q4's 25%) to $52B. PayPal accounts rose by 5.8M Q/Q (up from Q4's 5.2M) to 148M.
Marketplaces revenue grew 10% (down from Q4's 12%) $2.16B. GMV rose 12% (down from Q4's 13%) to $20.5B; U.S. GMV +11% (down from recent quarters), international +13%. Active buyers grew by 4.7M Q/Q to 147M. Marketplaces has been underperforming relative to Amazon and its 3rd-party sellers for some time.
Three months after a $5B buyback was authorized, eBay says it spent $1.8B on buybacks in Q1 (Carl Icahn sends his regards). That led the company's cash balance to fall by $900M to $11.9B.
eBay's mobile "enabled commerce volume" (ECV) rose 70% Y/Y to $11B, and made up 19% of total ECV. The company claims mobile downloads were responsible for attracting 6.5M new customers in the quarter. Cross-border trade made up 22% of ECV.