eBay FY20 Results ‘Better Than Expected’

eBay is reporting an increase in revenue of 28 percent in its latest Fy20 results, to $2.9 billion. The results for Q4 and FY20 are ‘better than expected’, as Groos Merchandise Volume increases by 21 percent $26.6 billion, up 18 percent on an FX-Neutral basis.

“I am proud eBay was able to be there for our buyers, sellers and community, especially in the face of a global pandemic,” said Jamie Iannone, the CEO of eBay.

“We finished the year with strong financial results, but what inspires me most is the support we’ve been able to extend to small businesses — providing them with tools, resources and access to millions of buyers globally.”

eBay is scaling its management of payments, with the plans to expand into Greater China. Furthermore, the online retailer plans to further establish its selling experiences, such as QR codes for eBay shipping labels and the Multi-User Account Access for better access to order fulfilment.

“We will continue to invest in product and technology in order to deliver the best marketplace in the world for our customers,” said Iannone.

The retailer is reporting $10.3 in revenue, up 19 percent on an as-reported basis, and up 20 percent on an FX-neutral basis. Its GMV was $100 billion in FY20, up 17 percent on both an as-reported basis and FX-neutral basis.

The company has also made some changes to its Executive team, with the introduction of Julie Loeger as Global Chief Growth Officer and Cornelius Boone as Chief People Officer.

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