eBAY INC. REPORTS FIRST QUARTER 2009 RESULTS
San Jose, Calif., April 22, 2009 — eBay Inc. (Nasdaq: EBAY) today reported financial results for the first quarter ended
March 31, 2009. The ecommerce company posted first quarter revenue of $2.02 billion, a $171.6 million year-over-year
decrease caused primarily by the impact of the stronger dollar and the decline of the core Marketplaces business in
difficult macroeconomic conditions. PayPal, Classifieds and Skype performed well, delivering year-over-year revenue
growth. Text and graphical advertising revenue was flat as compared to the prior-year quarter. The company recorded net
income on a GAAP basis of $357.1 million or $0.28 per diluted share, and non-GAAP net income of $499.9 million or
$0.39 per diluted share.
GAAP operating margin decreased to 20.9% for the quarter, compared to 25.2% for the same period last year. Non-GAAP
operating margin decreased to 30.7% for the quarter, compared to 32.0% for the same period last year. The decrease in
operating margins was caused primarily by the impact of the stronger dollar and the company’s continuing shift to faster
growing, lower margin revenue businesses.
eBay Inc. generated $668.5 million of operating cash flow during the first quarter. Free cash flow during the quarter was
$577.6 million.
“We delivered solid results in the first quarter and moved aggressively to strengthen our portfolio for longer-term growth,”
said eBay Inc. President and CEO John Donahoe. “With a macroeconomic environment that remains challenging, we are
focused on operating discipline and strong execution of our three-year growth priorities in our core ecommerce and online
payments businesses.”
Financial Highlights (presented in millions, except per share data and percentages)
2008
2009
Net revenue
$2,192
$2,021
($172)
(8%)
GAAP
Net income
$460
$357
($103)
(22%)
Earnings per diluted share
$0.34
$0.28
($0.06)
(19%)
Non-GAAP
Net income
$562
$500
($62)
(11%)
Earnings per diluted s