eBay Inc (NASDAQ: EBAY) reported better-than-expected earnings for its fourth quarter. The global commerce leader delivered revenue for the quarter ended December 31, 2018 of $2.9 billion.
During the quarter, the San Jose-based eBay reported GAAP net income from continuing operations of $763 million, or $0.80 per diluted share and Non-GAAP net income from continuing operations of $670 million, or $0.71 per diluted share. The company generated $1.2 billion of operating cash flow and $1.1 billion of free cash flow from continuing operations while also repurchasing approximately $1.5 billion of its common stock in the quarter.
To quote CEO Devin Wenig, "We delivered record earnings for the fourth quarter and full year 2018, In 2019, our focus will be on further improvements to the eBay user experience, while pursuing significant long-term growth opportunities in advertising and payments.
“We are confident in the strength of our business and future growth prospects, as demonstrated by our decision to institute eBay's first-ever dividend and increase our share repurchase program."
In the fourth quarter, eBay grew active buyers by 4% across its platforms, for a total of 179 million global active buyers. Underlying total eBay performance, the Marketplace platforms delivered $2.3 billion of revenue and $23.2 billion of GMV.
The company also initiated a quarterly dividend of 14 cents per share and added $4 billion to its buyback.
Shares gained 16 cents to $33.85
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