4.5 minutes
CEO Jamie Iannone said that once again, automotive parts and accessories led eBay sales in Q2 and "continued its trend of healthy growth."
EBay Inc. reported slight year-over-year growth in both sales revenue and gross merchandise volume (GMV) for its fiscal Q2, which ended June 30.
In January, eBaylaid off 1,000 workers, which was about 9% of its total workforce.
EBay ranksNo. 6 in Digital Commerce 360’sGlobal Online Marketplaces Database. The database ranks the 100 largest such marketplaces by third-party GMV.
How much did eBay make in Q2 2024 sales?
In Q2, eBay made $2.57 billion in sales. That’s up about 1% year over year from $2.54 billion. At the same time, eBay grew GMV by 1%, to $18.4 billion, in Q2.
CEO Jamie Iannone said that once again, automotive parts and accessories led eBay sales in Q2 and “continued its trend of healthy growth.” Collectibles were the second-largest contributor to eBay GMV growth in Q2. Iannone added that eBay’s category for refurbished items grew GMV at a faster rate than any other categories in the quarter.
First-party advertising grew 12% in Q2 and accounted for 2.2% of eBay GMV. About 3.1 million sellers purchases a single-ad product in Q2, and eBay ended the quarter with about 1 billion promoted listings. That’s nearly half of its total 2.1 billion listings, CEO Jamie Iannone told investors on the Q2 earnings call.
And after announcing in June that it would no longer accept American Express as a payment method, eBay added Venmo to its checkout in Q2.
“Venmo’s mobile-first checkout experiences and strong adoption among Gen Z and millennial audiences are particularly appealing as we continue to broaden our reach in younger demographics,” Iannone said. “The early results of this partnership are encouraging as a significant portion of our GMV from Venmo is coming from new or reactivated buyers.”
EBay investments in Q2
Early in Q2, eBay closed a series of sales with Collectors, including one that saw the online marketplace acquire sports auction house Golding Auctions. It also sold the eBay Vault to PSA, which Collectors also owns.
Also in the quarter, eBay introduced optional authentication in the U.S. for luxury handbags in the $200 to $500 price range. EBay also created a customized storefront for May 4, widely referred to as Star Wars Day, engaging with the fandom’s enthusiasts. Iannone said Star Wars fans explored more than 1 million collectible products from the franchise on eBay.
In Europe, eBay marked year-over-year growth in its Germany sales volume.
“When consumers begin selling, they also purchase twice as much on eBay as non-sellers, on average, with most of that incremental volume benefiting B2C sellers,” Iannone said.
He added that the success in Germany influenced eBay’s decision to invest in improving its sales experience for pre-owned apparel in the United Kingdom. Moreover, he said eBay introduced a new generative AI-powered buying experience for its “Shop the Look” and “Explore” pages.
EBay iterates on its generative AI tools
Sellers using eBay’s new generative AI tools have increased both their number of listings as well as items sold, he said. EBay’s investments in generative AI and machine learning are “simplifying” the selling and buying experiences, Iannone said. As a result, they’re making the online marketplace more efficient and helping eBay “better serve customers at all phases of their shopping journey,” Iannone added.
After fully rolling out generative AI descriptions, eBay is testing the next phase of its listing experience, which leverages user-uploaded product images to help sellers fill in the category, title, and other item aspects for a listing,” Iannone said.
Check back formore earnings reports. Here’slast quarter’s eBay report.
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