eBay Inc.

Hi, welcome to the eBay first quarter 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1 on your telephone. Please revise that today's conference is being recorded. If you require any further assistance, please press star 0. George Walton, VP of Investor Relations and Communications. Please go ahead.

Good afternoon. Thank you for joining us, and welcome to eBay's earnings release conference call for the first quarter of 2021. Joining me today on the call are Jamie Iannone, our Chief Executive Officer, and Andy Kring, our Interim Chief Financial Officer. We're providing a slide presentation to accompany Andy's commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com. Before we begin, I'd like to remind you that during the course of this conference call, we will discuss some non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in the slide presentation accompanying this conference call. Additionally, all revenue and GMV growth rates mentioned in Jamie's and Andy's remarks represent FX-neutral year-over-year comparisons, unless they indicate otherwise. In this conference call, management will make forward-looking statements including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties, and our actual results may differ materially from our forecasts for a variety of reasons. You can find more information about risks, uncertainties, and other factors that could affect our operating results in our most recent periodic reports on Form 10-K and Form 10-Q in our earnings release from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of April 28, 2021, and we do not intend and undertake no duty to update this information. With that, let me turn it over to Jamie.

Thanks, Joe, and good afternoon, everyone, and thank you for joining us. Today, we'll begin the call with key highlights from the first quarter. Then I will share some reflections from my first 12 months as CEO and provide an update on the status of our tech-led reimagination. At the end of my remarks, I will turn the call over to Andy, who will discuss our financial performance and outlook in greater detail. The first quarter of 2021 was an excellent start to the year for sellers and buyers on eBay. Gross merchandise volume grew 24% ahead of expectations. Revenue grew 38%, outpacing volume primarily due to payments and advertising. This is the fastest our revenues have grown since 2005. And we lean further into technology and vertical marketing investments, but still delivered $1.09 in non-gap... ...marketplace.