eBay reported that revenue for the second quarter ended June 30, 2015 was $4.4 billion, with strength across both PayPal and eBay.
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This excludes $0.3 billion of eBay Enterprise revenue that is now presented as discontinued operations.
GAAP income from continuing operations was $682 million or $0.56 per diluted share, and Non-GAAP income from continuing operations was $931 million or $0.76 per diluted share, driven by an acceleration in revenue growth at both businesses.
Gross merchandise volume (GMV) growth on an FX neutral basis increased 1 point over the prior period to 6% and net total payment volume growth accelerating 3 points to 28%.
On a year over year basis, foreign currency movements continued to have a negative effect, impacting the revenue growth rate of the eBay Marketplaces business by 8 points and the revenue growth rate of PayPal's business by 3 points, with benefits from currency hedging partially offsetting the impact at PayPal.
Additionally, weaker local currencies in some markets led to reduced demand for goods in export-oriented markets like the United States, impacting the growth of our cross border trade for eBay Marketplaces and PayPal.
PayPal net total payment volume (TPV) grew 20% in the second quarter to $66 billion, with Merchant Services volume up 27% and on-eBay volume down 1%. On an FX-neutral basis, PayPal TPV grew 28%, with Merchant Services volume up 36% and on-eBay volume up 6%. Payment volume through eBay Marketplaces was $14.5 billion, representing 22% of total TPV. Revenue grew to $2.3 billion.
PayPal grew new active accounts 11% to 169 million and processed 1.1 billion transactions. In the second quarter transactions per active account increased to 24 per year, compared to 21 times a year ago, and monetization per active account increased to $50 per year.
PayPal agreed to acquire Xoom Corporation for approximately $890 million net of cash adn the company anticipates that acquiring Xoom will help accelerate PayPal's entry into the $600 billion global remittance market, and that adding additional services to its technology platform will allow PayPal to amplify its consumer flywheel, creating a more powerful network effect.
During the quarter, the board authorized the company's management to sell eBay Enterprise. Accordingly the results of eBay Enterprise are presented as discontinued operations, appearing net of tax in a single line in our statement of income.
Based on the expected sales proceeds, the company recorded an impairment of eBay Enterprise goodwill in the amount of approximately $786 million. ■