Ebay marked a strong start to the fiscal year after recording double-digit growth in both revenue and gross merchandise value (GMV) during the first quarter.

The e-commerce giant’s revenue reached $3.1 billion in the quarter ended March 31, up 19 per cent on a reported basis and 17 per cent on a foreign exchange neutral basis. GMV soared 18 per cent to $22.2 billion (up 14 per cent in constant currency). 

GAAP net income from continuing operations was up 2 per cent to $512 million.

CEO Jamie Iannone said the first-quarter results “marked a strong start to the year”, with performance ahead of expectations.

“Our Focus Categories, C2C and recommerce strategic priorities are driving broad-based momentum, and strengthening our position as the marketplace of choice for enthusiasts,” Iannone added.

During the period, the company entered into an agreement to acquire Depop, a leading consumer-to-consumer (C2C) fashion marketplace, from Etsy for $1.2 billion. The deal was said to help deepen Ebay’s reach with younger, fashion-forward consumers and expand its presence in the resale category. 

The company also expanded Ebay Live, its interactive live-stream shopping experience, to France, Italy and Canada.

For the second quarter, Ebay expects both revenue and GMV to increase 8-10 per cent on a constant currency basis.