By Janet H. Cho

Global online marketplace eBay posted better-than-expected profits, sales, and gross merchandise volume for its first quarter.

But shares of the online commerce site were down 7% in late Wednesday trading, after closing up 3.4% at $103.79 in regular trading.

eBay surpassed expectations for its major metrics.

For its first quarter ended March 31, eBay reported adjusted earnings of $1.66 a share on revenue of $3.1 billion, up 19%.

Wall Street was expecting adjusted earnings of $1.25 a share on sales of $3.04 billion, according to FactSet.

eBay reported quarterly gross merchandise volume of $22.2 billion, up 18%, and above expectations for $21.7 billion.

In the first quarter of 2025, eBay reported adjusted earnings of $1.38 a share on sales of $2.59 billion.

On Feb. 19, eBay announced it was buying Depop, a secondhand clothing site popular with Gen Z for its "pre-loved fashion," from online marketplace Etsy for $1.2 billion in cash. Depop has 7 million active buyers and 3 million active sellers, the majority of whom are under 34.

A week later, eBay said it was cutting about 6.5% of its global workforce, or roughly 800 employees, as part of a strategic restructuring.

eBay executives will discuss results at an earnings call at 5:30 p.m. Eastern time.

This is breaking news. Please check back for further updates.

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April 29, 2026 16:22 ET (20:22 GMT)

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