The global marketplace has reported strong growth in Q3, reportedly generating $2.6 billion in revenue for the three months ending September 30.
eBay has reported its Q3 results, recording a growth in revenue of six percent on an as-reported basis and six percent on a foreign exchange neutral basis.
According to the company’s release, eBay had a Non-GAAP net income from continuing operations of $554 million and operating cash flow of $560 million. Active buyers on the platform also grew by four percent in Q3, bringing its total number of shoppers to 177 million across the globe. eBay’s marketplace also contributed strong revenue to the company’s overall revenue streams, accounting for $2.1 billion in sales.
David Wenig, the president and CEO of eBay, says these positive results stem from the business’s continued investments in customer experience and growth initiatives.
“This quarter, we continued to make foundational investments to improve the long-term competitiveness of our marketplace, while setting the stage for significant growth opportunities,” he said.
“We will continue to innovate the customer experience while executing our growth initiatives in payments and advertising to position eBay for future success.”
In the last few months, eBay has taken a number of steps to improve its service offerings for both merchants and shoppers. In the US, it introduced a partnership with Square Capital that gives local sellers access to $100,000 in funding to help them grow their business.
From a buyer’s perspective, guaranteed delivery was a big focus for the company, as the program was scaled to a larger consumer-base in the international market and launched in Australia, as the online giant steps up its offerings down under to compete with the likes of Amazon.
eBay also completed the sale of its equity investment in Flipkart in the third quarter, representing net proceeds of close to $1 billion. The company decided to exit its relationship with the Indian marketplace, after Walmart purchased a controlling stake in the business for $US16 billion earlier in the year. The move comes as India’s e-commerce market is growing, projected to reach $32.7 billion by the end of 2018.
At the time, Wenig said that eBay was exiting Flipkart so it could re-launch its own local operations.
“We plan to relaunch eBay India with a differentiated offer to focus initially on the cross-border trade opportunity, which we believe is significant,” eBay said in a statement. “We believe there is huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India’s diverse, domestic market.”