quarter with highlights Thank today. and you, discussion the joining second begin all on earnings you our from presentation. thank Slide I'll XX of us for Jamie, our
key review our I'll financial detail. greater metrics Next, operating and in
begin for Finally, and Q&A. we I'll before the show of closing the our add remainder outlook year some thoughts
teams the As of delivering of incredibly year-over-year comments on reflect some FX-neutral amid I'm in our basis, results usual, I macroeconomic announce conditions recent challenging Overall, comparisons an will otherwise. proud most my for memory. strong unless
expectations exceeded guidance revenue of GMV high EPS QX the range. Our and each end non-GAAP and top our
$X.XX X operating points growth payments margin the Our prior second XX.X%, nearly X share was with due dividends outpacing deleverage We down of million Non-GAAP in share, And of line marketing revenue $X.X cash returned and free over X% generated billion $X.X quarter. down the sequentially quarter was the delivered and of repurchases to $XXX over billion, to year. by volume advertising. flow to we approximately volume and and contributions to due spend. points earnings per shareholders from to non-GAAP seasonality in
results dedication and QX of the and are strong of a Our to our during durability of marketplace periods and model uncertainty. financial focus employees testament the our macro
closer Let's merchandise our of the XXXX. take as the Gross volume financial mobility at in look declined in elevated drivers like a XX% restrictions performance we QX.
versus the due We saw GMV challenging pre-COVID inflation Ukraine, XXXX. the more of In markets. with we volumes remain ongoing challenges our QX conflict across also supply our environment contended in X% major chain a these and stable relatively progressed in growing spite to through we headwinds, with as this quarter, year baseline macro rising of
scale points demonstrating observe initiatives strategy working. continue investments long-term We in is proof to and our our growth
Excluding marketplace our remainder trading the product continued of unique of X high-quality points experience seller's growing by outpaced by focus inventory. and cards, categories the the our awareness on of evolution eBay driven
to million would roll the June, nearly the in $XXX $X during our Turkey XXXX. were Moving of mobility XX-month restrictions contributed to our million the X gradually active lapping in few during over million total business roughly due buyers down announced buyers the of buyers sequentially off active Trailing count buyers. We next down QX. These wind which active quarters. quarter,
been have QX. million would in buyers active Turkey, Excluding XXX
forward. made approximately buyers up Consumed not will buyers our of impact gas moving materially active $XX QX. million our financials disclosure in Importantly,
grew mid-value in $X,XXX migrating only this buyers among Investor and quarter's from to over stimulus the enthusiasts double enthusiast downward, XXXX spending over digits last buyers spend noted in up expected continue annually, demonstrating year. our Day, and we mid-value $XXX majority and XX% to mobility of sequentially $XXX group those enthusiasts average remains of the the last at among group, movement demand shoppers. active eBay, we year. buyers As of some lower between of importantly, buyers the per vast between Notably, eBay be due And elevated XXXX, restrictions versus remains robust on lapping
supply while Encouragingly, up international to to mix. our challenges chain trade. GMV the on U.S. markets at and the growth X% level categories grew Looking the to were was the a Ukraine on our demonstrating business GMV marketplace in the period. of conflict, The U.S. differential compared category U.S. the global is across outperformance geographic to between down time innovation basis, XX% international while over basis. our XXXX, QX same due been as and of and leading Ukraine. recent benefited exacerbated focus to a by cross-border exposed the European U.S. given more rest their international relative is growth, of our impacted timing markets outperforming meaningfully regions, playbook our macro although the slightly also The higher impacting proximity more are of launches was from our the working developments geopolitical economic markets have stronger
was in down last billion, intensity Net and mobility over to of months. over revenue. the the due the year to $X.X restrictions revenue X% few lapping last macro to QX Turning headwinds
revenue roughly from However, past GMV points positive at eight to and advertising. payments growth due contributions of
continued This product, As a take increased our QX acceleration the and standard of outpacing volume result, growing on approximately represents ads spend newer grew driven ad products Listings first-party portfolio. versus of XX returns X%, versus ad grew points. our QX. XX.X% healthy our Total by adoption optimization our scale, by transaction and advertising sophistication in Promoted across XX.X% while X%, revenue to rate an
our achieve million double-digit roughly as Investor in the run growth at and billion quarters. contributed comfortably volume remained These with $X coming track are revenue Day. Listings payments We growth seller in a are points like on services pressure revenue discussed to extremely expect Managed in a rate to we despite Payments and payment to line ads our above business scaled of buyer the $XXX remain services the return target Promoted during recent expectations. new revenue new FX with X momentum pleased quarter. revenue
to Moving profitability.
down strategy. was full approximately deleverage margin operating driven in the by XX.X% line four of non-GAAP advancement sequentially, points Our and our top QX, marketing roughly primarily federal
product continue improvements. supporting to innovation, horizontal focus in categories marketplace also invest our We and
tailwinds costs above expense for the our our offset the in benefit employee-related to lower volume year in repurchase prior QX, the run. costs expense was during of We G&A the upside of portion exit The year EPS down in cost Turkey includes our net the with $X.XX better-than-expected lapping Our delivered of which in and prior the quarter. was the share EPS and related driven wind efficiencies, was quarter. which business, quarter. offset volume of of our outlook by of the COVID-driven line A timing non-GAAP by
continue despite We driven invest plan our ongoing long-term by macro short-term We volatility. portfolio GAAP share our a in generated to of uncertainty. the to investment primarily per loss market due losses in $X.XX
of of billion billion, $X.X by Turning quarter. repurchased $X.X million allocation. cash and notes payments gross volume of We million QX second $X.X redeeming and an $XXX flow free of managed and billion lower authorization. the have during to remaining the in onetime investments year. of ended nearly with QX with quarter current our due of than non-equity billion $X.X the approximately generated at associated benefits capital $XXX shares We of capital lapping more migration the the versus working XX% $XX after cash We average with price under during along prior to debt
million quarterly paid also $X.XX share. cash in of June dividend or $XXX per a We
environment, of approach dilution. to net disciplined repurchase the shares remain Despite X allocation. $XX the by outstanding reduced capital roughly have over our and macro dynamic balanced quarters we last Our in million
Funko, are examples partnership the authentication by KnownOrigin investments of to and few objectives. framework, of strategic PSA partner the our launch a build us in eBay acquisition accomplish of our For vault, our recent helping
XX. were approximately of during while at Our Adyen portfolio shares Bank value and investment on market portfolio sold $X remaining investment Slide Kakao shareholder $XXX manage million quarter, an roughly stake. our billion continue intent of valued QX. maximizing our is second impacted value. to We at aggregate with detailed in investment We'll stakes the Equity end of the of the volatility
on You'll in our investment sales detail XX-Q. our see and holdings additional remaining share
Moving on outlook. to our
but dynamic issues, recent chain rates inflation supply of on business for remains sanctions rising the has headwinds, the environment consumers' spend spread difficult the Our to from impact resilient macro elevated variants, escalating duration of of the The to anticipate. economic some months persistent interest COVID operating will wear in remained impact severity are challenging despite even discussional and predict. likely and time. and Ukraine war more and The related
Given our as stable relatively outperformance in quarter. progress trends we through the volume QX,
maintaining an the outlook our XX% XX% are full FX-neutral GMV year. We for between decline for and
likely we'll While determined land macro that study, range, we be or subside. whether intensify by current in headwinds the of
currency Additionally, a versus year million to prior recent relate GMV roughly XXXX $XX.X full our an of $XX.X headwind On our to movements spot outlook. between GMV translates to $XXX guidance incremental million basis, FX to billion.
Our to hedging and plan EPS. mitigate should income operating impact help incremental FX the us revenue,
of faster for or $X.X remains than growth. Our and X% billion billion, points an FX-neutral decline and XXXX $X.X between between outlook revenue represents X or X volume of X% unchanged
prior of $X.XX, and maintain XX% end the We year. also of and margin non-GAAP EPS our for by full range $X.XX. non-GAAP between of operating expect raising XX% We now $X.XX the our target between low
We $X.XX X%. revenue to QX X% or and billion a marketplace categories $XX.X continue X% generate of and between decline an XX% initiatives focus we representing X%. of between to actually GMV, We billion guidance. between and experience in support of and our product billion operating between margin FX-neutral horizontal to between $XX and and of anticipate $X.XX XX% decline innovation. We invest and a Looking marketing non-GAAP forecast billion as
In between key all recent expect representing to positive facing negative quarter We QX strong challenging exceeded months. was deliver $X.XX share macro a for X% headwinds growth earnings $X.XX, across closing, X%. despite non-GAAP expectations of in per financial eBay. We of and metrics and
dividends continued in put share earnings free amidst eBay's model financial capital durable and position over long-term and us fortunate an sheet repurchases record balance $X.X uncertain a we robust growth to billion fortress quarter. shareholder-friendly delivering and continue returned through allocation in while environment. this of as cash flow cash macro investing Our track
enabled are us at equitable to Fostering period Our goals innovate and are advertising to of our excess reach targets and ambitious business particularly climate incremental new uncertainty. proud volume discipline, and focus inclusive teams remain our entrepreneurship continue they revenue track margins. growth more sustainable reduction have practices driving and team's with and And has this important of in been payments during which of healthy financial services to never I'm enabling economic impact capabilities, on today. than which
to Finally, future to Jamie I I our questions. and my and eBay our our to want planet. dedicated employees to deliver better global that, customers, continuously express gratitude striving will for our your a sincere community take With now
