April 22, 2004, 12:00 AM

EBay hits $8 billion in Q1 gross merchandise sales

eBay posted record Q1 net income of $200.1 million on net revenues of $756.2 million, reflecting a year-over-year 92% rise in net income and a 59% rise in net revenue. Gross merchandise sales rose 51% to $8 billion.

Gross merchandise sales at eBay Inc., the value of all transactions conducted by sellers on eBay.com, hit $8 billion in the first quarter, up 51% from $5.3 billion a year ago, the company reported. EBay’s fixed-price sales, in which consumers can exercise the Buy It Now option without going through an auction, reached $2.2 billion--28% of gross merchandise sales.

EBay said it has 12 product categories with $1 billion or more in annualized worldwide gross merchandise sales: eBay Motors at $8.7 billion; computers, $2.6 billion; consumer electronics, $2.5 billion; books/movies/music, $2.4 billion; clothing and accessories, $2.2 billion; sports, $2 billion; collectibles, $1.6 billion; home and garden, $1.6 billion; toys, $1.5 billion; jewelry and gemstones, $1.3 billion; cameras, $1.2 billion; and business and industrial, $1.1 billion.

Product listings at eBay in Q1 numbered 327.7 million, up 49% from 219.7 million a year earlier. EBay reports it hosts approximately 146,000 stores worldwide.

EBay posted record net income of $200.1 million on net revenues of $756.2 million for the first quarter ended March 31, reflecting a year-over-year 92% rise in net income, from $104.2 million, and a 59% rise in net revenue, from $476.5 million. “EBay’s Q1 results exceeded our highest expectations,” president and CEO Meg Whitman said.

EBay’s Q1 U.S. net transaction revenue grew 39% year-over-year to $326.2 million, while its international net transaction revenue climbed 87% to $257.1 million.

The company reported Q1 revenue from payments transactions of $155.5 million, a rise of 67% over Q1 2003. EBay owns PayPal, a payment service used on eBay as well as on other retail web sites. PayPal had total payment volume in Q1 of $4.3 billion, up 64% from a year ago, as its number of accounts rose 67% to 45.6 million.

EBay’s number of users is also surging. Its number of active users at the end of Q1 reached 45.1 million, up 45% from 31.1 million a year ago. EBay defines active users as those who have bid, bought or listed over the previous 12 months. Its number of registered users, meanwhile, rose 52%, to 104.8 million from 68.8 million.


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