The financial report of eBay Q4 in 2021 was lower than expected From eBay

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EBay released the company’s fourth quarter and full year financial results of fiscal year 2021. After the earnings release, eBay’s share price fell more than 8% in after hours trading, breaking the 52 week low. In the past 52 weeks ending on Wednesday, eBay’s highest price was $81.19 and its lowest price was $51.51. On the same day, eBay shares fell $0.56, or 1.02%, to $54.59 in regular trading on NASDAQ.

The report shows that eBay’s net revenue in the fourth quarter was US $2.613 billion, an increase of 5% compared with us $2.478 billion in the same period last year. Excluding the impact of exchange rate changes, it also increased by 5% year-on-year; The loss from continuing operations was $893 million, compared with the profit from continuing operations of $772 million in the same period last year; Not in accordance with non GAAP, eBay’s net profit from continuing operations in the fourth quarter was $647 million, up 10% from $591 million in the same period last year.

EBay’s fourth quarter results exceeded Wall Street analysts’ previous expectations, but the outlook for the first quarter and full year results of fiscal 2022 failed to meet expectations, resulting in a sharp drop in its after hours share price of more than 10%.

Key points of financial report for the fourth quarter of 2021:

Net profit / loss

In the quarter ended December 31, 2021, eBay’s loss from continuing operations was $893 million, compared with a profit from continuing operations of $772 million in the same period last year; Diluted loss per share from continuing operations was $1.47, compared with diluted earnings per share of $1.11 in the same period last year.

Not in accordance with non GAAP, eBay’s net profit from continuing operations in the fourth quarter was $647 million, an increase of 10% compared with $591 million in the same period last year; Diluted earnings per share was $1.05, up 24% from $0.85 in the same period last year, exceeding analysts’ previous expectations. According to the data provided by Yahoo Finance Channel, the average of 23 analysts had expected eBay’s adjusted earnings per share to reach $0.99 in the fourth quarter.

EBay’s operating profit margin in the fourth quarter was 26.3%, compared with 26.7% in the same period last year; The operating profit margin not in accordance with us gaap was 31.6%, compared with 31.7% in the same period last year.

revenue

EBay’s net revenue in the fourth quarter was $2.613 billion, an increase of 5% compared with $2.478 billion in the same period last year. Excluding the impact of exchange rate changes, it also increased by 5% year-on-year, slightly exceeding analysts’ previous expectations. According to the data provided by Yahoo Finance Channel, 24 analysts had expected eBay’s fourth quarter revenue to reach $2.61 billion on average.

Operational data

EBay’s total commodity trading volume (Gmv) in the fourth quarter was US $20.7 billion, a decrease of 10% compared with the same period last year, and a year-on-year decrease of 11% excluding the impact of exchange rate changes.

EBay’s annual number of active buyers fell 9% in the fourth quarter, bringing the total number of active buyers worldwide to 147 million.

EBay’s annual number of active sellers decreased by 8% in the fourth quarter, bringing the total number of active sellers worldwide to 17 million.

other

The effective tax rate of eBay’s continuous operation business in the fourth quarter was 23.1%, compared with 29.4% in the same period last year; Not in accordance with US GAAP, the effective tax rate for continuing operations was 17.3%, compared with 16.0% in the same period last year.

EBay’s fourth quarter operating cash flow from continuing operating activities was $475 million and free cash flow was $372 million.

In the fourth quarter, eBay repurchased about 39 million common shares, with a total repurchase value of about $3 billion. As of December 31, 2021, eBay’s approved remaining repurchased shares were worth $2 billion. In addition, eBay also paid a cash dividend of $107 million in the fourth quarter. As of December 31, 2021, the total value of eBay’s cash and cash equivalents and non equity portfolio was $7.3 billion.

EBay’s board of directors announced that it would pay a cash dividend of $0.22 per share to the company’s common shareholders, which would be paid to the registered shareholders as of March 10, 2022 on March 18, 2022.

Key points of 2021 annual financial report:

– throughout fiscal year 2021, eBay’s net revenue was US $10.42 billion, an increase of 17% compared with us $8.894 billion in fiscal year 2020, and a year-on-year increase of 15% excluding the impact of exchange rate changes, slightly exceeding analysts’ expectations. According to the data provided by Yahoo Finance Channel, 28 analysts had expected eBay’s annual net revenue to reach $10.41 billion on average.

– the total transaction volume of eBay in the whole year was US $87.4 billion, which was flat year-on-year. Excluding the impact of exchange rate changes, it decreased by 3% year-on-year.

– eBay’s full year net profit from continuing operations was $252 million, down 90% from $2.487 billion in fy2020. EBay’s diluted earnings per share from continuing operations for the full year was $0.38, down 89% from $3.46 per share in fiscal 2020.

– not in accordance with US GAAP, eBay’s full year net profit from continuing operations was US $2661 million, an increase of 12% compared with us $2384 million in fiscal 2020; Diluted earnings per share from continuing operations was $4.02, up 21% from $3.32 in fiscal 2020, exceeding analysts’ expectations. According to the data provided by Yahoo Finance Channel, 27 analysts had expected eBay’s annual earnings per share to reach $3.97 on average.

– eBay’s annual operating profit margin was 28.1%, and the operating profit margin not in accordance with U.S. GAAP was 33.4%.

– eBay’s annual operating cash flow from continuing operations was $3.1 billion and free cash flow was $2.6 billion.

– throughout fiscal year 2021, eBay repurchased a total of approximately $7 billion worth of common shares and paid a cash dividend of $466 million.

Performance Outlook:

EBay predicts that the company’s net revenue in the first quarter of fiscal year 2022 will reach US $2.43 billion to US $2.4 billion. Excluding the impact of exchange rate changes, it will fall by 5% to 7% year-on-year, which is lower than analysts’ expectations; According to US GAAP, diluted earnings per share from continuing operations are expected to reach US $0.79 to US $0.83; Not in accordance with U.S. GAAP, diluted earnings per share from continuing operations are expected to reach $1.01 to $1.05, which is also lower than expected. According to the data provided by Yahoo Finance Channel, 18 analysts had expected eBay’s first quarter net revenue to reach $2.62 billion on average, and 18 analysts had expected eBay’s first quarter earnings per share to reach $1.1 on average.

EBay also expects that the company’s net revenue in fiscal year 2022 will reach US $10.3 billion to US $10.5 billion, unchanged from fiscal year 2021 to a year-on-year increase of 3%, but lower than analysts’ expectations; According to US GAAP, diluted earnings per share from continuing operations are expected to reach US $3.15 to US $3.35; Not in accordance with U.S. GAAP, diluted earnings per share from continuing operations are expected to reach $4.20 to $4.40, which is also lower than expected. According to the data provided by Yahoo Finance Channel, 27 analysts had expected eBay’s net revenue to reach $10.95 billion in fiscal year 2022 on average, and 27 analysts had expected eBay’s diluted earnings per share to reach $4.51 in fiscal year 2022 on average.

price of stock:

On the same day, eBay shares fell $0.56, or 1.02%, to $54.59 in regular trading on NASDAQ. In the subsequent after hours trading as of 4:22 p.m. Eastern time on Wednesday (5:22 a.m. Beijing time on Thursday), eBay shares fell another $5.53, or 10.13%, to $49.06, breaking the 52 week low. In the past 52 weeks ending on Wednesday, eBay’s highest price was $81.19 and its lowest price was $51.51.

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