eBay released first quarter 2006 earnings on Thursday. Consolidated net revenues totaled a record $1.390 billion in Q1-06, a growth rate of 35% over the $1.032 billion reported in Q1-05.
GAAP gross profit was $1.112 billion in Q1-06, or 80% of net revenues, lower than the 82% reported in Q1-05. Excluding stock-based compensation of $9.5 million, gross profit would have been $1.121 billion in Q1-06, or 81% of net revenues. Gross profit declined slightly due to the inclusion of telecommunications costs related to eBay's Communications segment in Q1-06.
US Marketplaces net revenues, including Shopping.com, totaled $527.2 million in Q1-06, representing 30% year-over-year growth. International Marketplaces net revenues totaled $493.0 million in Q1-06, representing 25% year-over-year growth. Excluding the impact of foreign currency translation, Q1-06 International Marketplaces net revenues increased 32% year over year.
eBay Gross Merchandise Volume (GMV), the total value of all successfully closed items on eBay's trading platforms, was $12.5 billion in Q1-06, representing an 18% year-over-year increase from the $10.6 billion reported in Q1-05. Excluding the impact of foreign currency translation, Q1-06 GMV increased 22% year over year.
eBay's fixed price trading contributed approximately $4.3 billion or 34% of total GMV during Q1-06, primarily from eBay's "Buy It Now" feature. At the end of Q1-06, eBay hosted approximately 486,000 stores worldwide, with approximately 247,000 stores hosted on the US site.
eBay new listings totaled a record 575.4 million in Q1-06, 33% higher than the 431.8 million new listings reported in Q1-05. The number of users on the eBay platform who bid, bought, or listed an item within the previous 12-month period, increased to 75.4 million in Q1-06, a 25% increase over the 60.5 million active users reported in Q1-05.
Payments net revenues totaled $335.1 million in Q1-06, representing 44% year-over-year growth. Excluding the impact of foreign currency translation, Q1-06 Payments net revenue increased 47% year over year.
PayPal had 105.0 million total accounts at the end of Q1-06, a 47% increase from the 71.6 million reported in Q1-05. Total payments accounts represent the cumulative total of all accounts opened, excluding accounts that have been closed or locked and the payment gateway business accounts, and including users who made payments with PayPal but have not registered.
TPV, the dollar volume of payments initiated through the PayPal system, excluding the payment gateway business, was $8.8 billion in Q1-06, a 41% increase from the $6.2 billion reported in Q1-05.
Communications net revenues totaled $35.2 million in Q1-06, representing a 42% increase from the $24.8 million reported in Q4-05. The Q4-05 revenue represented the operations of Skype from the acquisition date of October 14, 2005 through the end of Q4-05. Communications had 94.6 million total registered users at the end of Q1-06. Communications registered users represent the cumulative total of all users who have completed the Skype registration process.
This is the first quarter that eBay's financial results include stock-based compensation expenses from the adoption of the new accounting standard, FAS 123(R). eBay's financial results for prior periods have not been restated for FAS 123(R). In addition, eBay continues to disclose its non-GAAP (previously referred to as "pro forma") financial measures, which in each case exclude the stock-based compensation expense as well as stock option related payroll taxes, amortization of acquired intangible assets and the income taxes related to these items.
http://www2.ebay.com/aw/core/200604191310232.html
