Online auction platform eBay, has reported very fruitful and unexpected quarter-one earnings as they saw profits soaring through the skies. eBay reported a $3 billion revenue in their first quarter of 2021, which is a 42% increase year-over-year. In the 4th quarter of 2020, they reported revenue of $2.87 billion.
eBay heading for the skies
according to eBay, promoted listings gave about $224 million in revenue alone during the same quarter, which means an up of 64% as per reported basis. They also reported a whopping $938 million in operating cash flow with another mind-blowing $855 million of free cash flow in the first quarter of 2021.
according to eBay’s CEO, Jamie Lannone “We delivered another strong quarter for the company and an excellent start to the year for our buyers and sellers.” he went on to say that “We generated tremendous volume and earnings, with revenue growth the highest it has been since 2005. Last July, I laid out our vision for a Tech-led reimagination of eBay and our results prove this long-term strategy is working. While we have more work to do, we are confident we are on a path of continued growth in the years ahead.”