(Reuters) – E-commerce firm eBay said on Wednesday that its Chief Financial Officer Steve Priest will step down in May and will be replaced by Peggy Alford, who was a vice president at PayPal.
EBay beat market expectations for quarterly revenue and also forecast second-quarter revenue above estimates, bolstered by stable demand for products such as collector’s items and refurbished goods.
The company’s emphasis on its focus categories and geo-specific investments is driving momentum, CEO Jamie Iannone said.
Focusing on luxury and collectible goods as well as refurbished products has helped the e-commerce firm drive sales at a time when consumer spending has moderated due to high inflation.
EBay’s use of generative AI, including its “magical” listing tool, and improvements in search and targeted advertising are helping simplify both selling and buying for the platform’s users.
The company reported first-quarter revenue of $2.59 billion, compared to analysts’ average estimate of $2.55 billion, according to data compiled by LSEG.
Gross merchandise volume, a key industry metric that denotes the total value of goods and services sold on the marketplace, rose 1% to $18.8 billion for the quarter ended March 31.
Adjusted earnings per share of $1.38 came in higher than the average estimate of $1.34.
EBay expects revenue in the range of $2.59 billion to $2.66 billion for the second quarter, with the midpoint coming above the analysts’ average estimate of $2.60 billion.
(Reporting by Juby Babu in Mexico City; Editing by Alan Barona)
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