eBay (NASDAQ:EBAY) shares surged more than 5% yesterday after the company released its Q1 earnings, with EPS of $1.11 coming in above the Street estimate of $1.07. Revenue was $2.5 billion, compared to the Street estimate of $2.49 billion.
The company provided its outlook for Q2/23, expecting EPS to be in the range of $0.96-$1.01, compared to the Street estimate of $0.99. Revenue is seen at $2.47-2.54 billion, compared to the Street estimate of $2.43 billion.
According to the analysts at Deutsch Bank, the company delivered objectively strong Q1 results and a reasonably constructive Q2 outlook against tepid investor sentiment.
The analysts believe expectations are now for the company to exit fiscal 2023 with GMV close to flat year-over-year, setting the stage for a return to sustainable mid-single-digit volume growth in 2024.