Ebay posts “best quarter in 15 years” as shoppers and sellers flock to the platform over lockdown

Ebay has seen 8 million new active shoppers visit the platform during lockdown, more than the last six quarters combined.

The online marketplace achieved record numbers of both sellers and buyers signing up to its platform during lockdown, according to its second quarter results.

In addition to the 182 million shoppers Ebay welcomed over the three months to June 30, its UK business saw a whopping 256 per cent rise new businesses signing up to sell on its marketplace.

READ MORE: Ebay sells Gumtree in $9bn deal which will create the worlds largest classified ads business

Both factors helped its global revenue jump 21 per cent to $2.9 billion, while gross merchandise values rose 26 per cent to $27.1 billion year-on-year.

Despite this representing Ebay’s “best quarter in 15 years” its figures still fell short of some analyst expectations leading its shares to dip five per cent.

It comes just days after it announced the sale of its classified ads business, including Gumtree, to Adevinta in a deal worth $9 billion following months of pressure from activist investors.

Rather than offloading it entirely, Ebay is set to become the company’s largest shareholder and maintain a 44 per cent stake.

“We not only get to maximise value for shareholders by having some immediate benefit in the short term, but we also get to participate in the upside potential that we see in the classifieds business,” Ebay’s new chief executive Jamie Iannone told the Financial Times.

Iannone added that that the company plans to return to its roots and focus on being the go-to website for second hand goods, rather than competing with the likes of Amazon.

“The average consumer has $3,900 of stuff to list in their house. When they become a seller, they end up buying more on the platform. We haven’t made it as easy as we should have over the years.”

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