eBay Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a modest increase in revenues but a significant decline in net income compared to the previous year. For Q3 2024, eBay generated net revenues of $2,576 million, a 3% increase from $2,500 million in Q3 2023. For the nine months ended September 30, 2024, net revenues reached $7,704 million, up 2% from $7,550 million in the same period of 2023. The growth in revenues was attributed to improved performance in both U.S. and international markets, with U.S. revenues increasing to $1,302 million in Q3 2024 from $1,259 million in Q3 2023.
Despite the revenue growth, eBay's profitability faced challenges. Net income for Q3 2024 was $634 million, a sharp decline from $1,305 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $1,296 million, down from $2,043 million in the same period of 2023. This decline was influenced by a significant drop in gains from equity investments, which fell to $199 million in Q3 2024 from $1,212 million in Q3 2023, and a loss of $120 million for the nine months ended September 30, 2024, compared to a gain of $1,196 million in the same period of 2023.
eBay's operating income for Q3 2024 was $595 million, up from $455 million in Q3 2023, reflecting improved operating margins, which increased to 23.1% from 18.2%. The company also reported a reduction in operating expenses, which decreased by 6% in Q3 2024 compared to the same period in 2023.
Strategically, eBay made notable moves, including the acquisition of Goldin, a U.S.-based auction house for high-value trading cards and collectibles, during the second quarter of 2024. Additionally, eBay continued its stock repurchase program, repurchasing approximately $756 million of common stock in Q3 2024, with a total of $2.2 billion repurchased in the first nine months of the year. The company also declared a cash dividend of $0.27 per share, to be paid in December 2024.
As of September 30, 2024, eBay's total assets were reported at $19,915 million, down from $21,620 million at the end of 2023, while total liabilities increased to $14,495 million from $13,224 million. The company’s cash and cash equivalents stood at $1,589 million, a decrease from $1,985 million at the end of 2023.
About EBAY INC
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