By Kelly Cloonan
EBay logged higher profit and revenue in the first quarter and named a new chief financial officer.
The online marketplace on Wednesday posted a profit of $503 million, or $1.06 a share, compared with $438 million, or 85 cents a share, a year earlier.
Adjusted earnings per share were $1.38, ahead of estimates of $1.34 a share according to analysts polled by FactSet.
Revenue rose 1% to $2.59 billion. Analysts expected $2.55 billion.
Gross merchandise volume rose 1% to $18.75 billion. eBay's operating margin ticked down in the quarter to 23.8% from 24.7% a year earlier.
Chief Executive Jamie Iannone said the company's focus categories and geographically-specific investments are driving growth.
For the second quarter eBay expects earnings of 87 cents to 94 cents. Analysts polled by FactSet are looking for 94 cents a share. The company expects revenue of $2.59 billion to $2.66 billion, compared with analyst estimates of $2.6 billion.
On an adjusted basis, eBay forecast per-share earnings between $1.24 and $1.31. Analysts expected $1.29 a share.
eBay also said Chief Financial Officer Steve Priest will leave the company as of May 11 and Peggy Alford is taking over as CFO as of May 12. eBay said that Alford brings more than 20 years of experience leading finance, operations and global teams in the technology sector.
Priest will remain in an advisory role until July 31 to facilitate a transition.
In addition to the CFO change, eBay is rejiggering its leadership structure to focus on innovation and collaboration due to AI-related changes.
eBay said it's combining the product and market teams, as well as consolidating its engineering team to "operate with greater speed and drive operational scale."
Jordan Sweetnam will lead the newly combined Global Markets and Product organization as chief commercial officer. Mazen Rawashdeh will lead the unified engineering organization as chief technology officer. eBay said Eddie Garcia, chief product officer, will be leaving the company.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 30, 2025 16:49 ET (20:49 GMT)
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