eBay reported financial results for its third quarter ended September 30, 2004. See eBay filings at SEC.gov for full report (http://www.sec.gov/Archives/edgar/data/1065088/000095013404015333/f02502exv99w1.txt).
eBay reported record consolidated Q3-04 net revenues of $805.9 million, up 52% year over year. These results exceeded the company's guidance of $770 million for net revenues. eBay now expects that consolidated net revenues for 2004 could be as high as $3.25 billion, and consolidated net revenues for 2005 could be as high as $4.2 billion.
Gross profit was $648.8 million, or 81% of net revenues, which was up from the 79% level reported in Q3-03. "Q3 was a great quarter for eBay," said Meg Whitman, President and CEO of eBay. "An active community of users and strong demand helped us achieve robust results. We have excellent momentum going into eBay's traditionally strongest quarters."
Selected Metrics
Gross Merchandise Volume, the total value of all successfully closed listings on eBay's trading platforms, was $8.3 billion, representing a 44% year-over-year increase from the $5.8 billion reported in Q3-03.
eBay reported 51.7 million active user accounts. New listings totaled a record 348.0 million in Q3-04, 48% higher than the 234.6 million listings reported in Q3-03. New listings in Q3-04 included 20.3 million new eBay Stores listings during the quarter, versus 4.1 million new Stores listings in Q3-03.
U.S. versus International Growth
eBay U.S. net transaction revenues totaled $330.6 million in Q3-04 (29% year-over-year growth), while eBay International net transaction revenues totaled $282.3 million in Q3-04 (82% year-over-year growth).
PayPal Metrics
PayPal's business had 56.7 million total accounts at the end of Q3-04, a 61% increase from the 35.2 million reported in Q3-03. PayPal's TPV was $4.6 billion in Q3-04, a 52% increase from the $3.0 billion reported in Q3-03.
Key Category Performance
Based on Q3-04 GMV, eBay has twelve categories that delivered $1 billion or more in worldwide annualized GMV:
eBay Motors at $10.7 billion;
Consumer Electronics at $2.5 billion;
Computers at $2.5 billion;
Clothing & Accessories at $2.2 billion;
Books/Movies/Music at $2.2 billion;
Collectibles at $1.8 billion;
Home & Garden at $1.7 billion;
Sports at $1.6 billion;
Toys at $1.3 billion;
Jewelry & Watches at $1.2 billion;
Cameras & Photo at $1.1 billion;
Business & Industrial at $1.1 billion.
For further detail on eBay's current annualized $1 billion categories, including trended data, see the metrics section on eBay's Investor Relations Web site at http://investor.ebay.com/fundamentals.cfm.
eBay's fixed price trading contributed approximately $2.4 billion or 29% of total GMV during Q3-04, primarily from eBay's "Buy It Now" feature. At the end of Q3-04, eBay hosted approximately 224,000 stores worldwide, with approximately 143,000 stores hosted on the U.S. site.
At the end of Q3-04, the company had nearly $3.1 billion in aggregate cash and investments and more than $7.2 billion in total assets.
Links to some media coverage of eBay's financial release:
Bloomberg:
http://quote.bloomberg.com/apps/news?pid=10000006&sid=aSHUyCm6Fs7w&refer=home
Wall Street Journal (Paid registration required):
http://online.wsj.com/article/0,,SB109720264105440200,00.html?mod=technology_main_whats_news
Reuters:
http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=6561195
