智通财经8月4日电，杰富瑞将EBAY目标价从52美元上调至60美元。 ...

花旗银行将eBay评级从"中性"上调至"买入"，目标价大幅调升至100美元。 ...

Core Viewpoint - Citigroup upgraded eBay's rating from "Neutral" to "Buy," significantly raising the target price to $100, reflecting the effectiveness of the company's strategic transformation [1] Financial Performance - eBay's Q2 financial report showed that its Focus Category GMV grew over 10% year-on-year, significantly outpacing the overall company growth [1] - The collectibles category led the growth, with trading card GMV accelerating for the 10th consecutive quarter [1] - Management raised the FY2025 guidance, expecting revenue growth of 4-6% and a non-GAAP EPS increase of 10-12% to $5.43, more specific than the previous "high single-digit" growth forecast [1] - The U.S. market GMV growth of 7% was a major driver, supported by improved consumer demand and weaker-than-expected tariff impacts [1] Strategic Transformation - eBay's strategic transformation focuses on technology upgrades and platform optimization, utilizing generative AI to enhance Google PLA listing titles and improve quality scores and rankings [2] - The proprietary large language model (LLM) is used to detect and replace low-quality listings, achieving a listing acceptance rate of over 90% [2] - The introduction of AI shopping assistants and professional agents has further enhanced platform interaction efficiency, driving accelerated GMV growth in core categories [2] Valuation and Market Confidence - Citigroup's DCF valuation model estimates eBay's value at $98, with an additional approximately $2 per share in minority shareholder equity, leading to a target price of $100 [2] - eBay's expected EV/EBITDA multiple of 14.0x and P/E multiple of 22.0x for 2026 are both above the five-year average, indicating a revaluation of its growth prospects in the e-commerce sector [2] Market Position and Risks - Despite challenges in the European market, eBay's focus on the C2C sector has mitigated international market risks [3] - The company is establishing a competitive moat in specific verticals through differentiated strategies, which is beginning to show value [3] - The rating adjustment reflects market recognition of eBay's transformation success, but ongoing attention is needed on the commercialization efficiency of technology investments and the sustainability of core category growth [3]

花旗银行将 eBay评级从"中性"上调至"买入"，目标价大幅调升至100美元。 ...

Group 1 - Hong Kong logistics stocks saw initial gains, with ZTO Express (2057.HK) rising over 8%, JD Logistics (2618.HK) nearly 3%, and Kerry Logistics (0636.HK) over 1%. The Ministry of Transport emphasized accelerating the construction of the national comprehensive transportation network and major project development [1] - CSPC Pharmaceutical Group (1093.HK) increased over 6% after announcing an exclusive licensing agreement with Madrigal Pharmaceuticals for the development and commercialization of the oral GLP-1 receptor agonist SYH2086 [1] - Yuehai Property (0124.HK) surged over 13% following a profit warning, expecting a profit of at least HKD 260 million for the six months ending June 30, 2025, compared to a loss of approximately HKD 217 million in the same period of 2024 [1] Group 2 - NIO (9866.HK) opened nearly 9% higher, with the chairman stating that the L90 model will support profitability in Q4, which is a key target for the company [2] - Silicon material stocks rose, with Xinte Energy (1799.HK) up 6.02% and GCL-Poly Energy (3800.HK) up 4.27%, following the Ministry of Industry and Information Technology's announcement of energy-saving inspection tasks for the polysilicon industry [2] - Geek+ (2590.HK) saw a rise of over 4% after establishing a new company focused on embodied intelligence technology [2] - Zhisheng Technology Group (1159.HK) surged over 16% after announcing a profit forecast of approximately HKD 145 million to HKD 155 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 11.3 million in the same period of 2024 [2] Group 3 - Prada (1913.HK) fell over 3% after a report indicated that its first-half performance was slightly below expectations, with revenues of EUR 2.74 billion, 2% lower than market expectations [3] - CloudWalk Technology (9678.HK) rose over 6% after signing a memorandum of understanding with the government of Vanuatu for AI cooperation [3] - Hong Kong photovoltaic stocks generally rose, with KSTAR (1108.HK) up over 7% and Flat Glass Group (6865.HK) up over 5%, as the industry aims to stabilize prices and increase demand [3] Group 4 - Shoulder Innovations (SI.US) debuted on the US stock market, initially rising over 7% before closing up 0.33% [4] - Western Digital (WDC.US) rose 10.16% after reporting Q2 sales of USD 2.61 billion, a 30% year-on-year increase, exceeding Wall Street expectations [4] - Align Technology (ALGN.US) plummeted 36.63% after reporting Q2 earnings that fell short of analyst expectations despite a slight year-on-year increase in adjusted earnings [4] Group 5 - eBay (EBAY.US) surged 18.3% after reporting Q2 revenue of USD 2.7 billion, a 6% year-on-year increase [5] - Arm Holdings (ARM.US) fell 13.44% due to increased R&D spending and lower-than-expected profit guidance [5] - SoFi Technologies (SOFI.US) rose 3.25% after Mizuho Bank raised its target price from USD 20 to USD 26 [5] Group 6 - Roblox (RBLX.US) rose 10.28% after reporting Q2 revenue of USD 1.08 billion, a 21% year-on-year increase [6] - Meta Platforms (META.US) increased 11.25% after reporting strong Q2 revenue and positive guidance for Q3 [6] - Amazon (AMZN.US) fell over 6% in after-hours trading despite steady growth in AWS [6]

Core Points - The U.S. government has announced the cancellation of the "de minimis" tax exemption for imported goods valued under $800, effective August 29, 2023, nearly two years earlier than previously planned [1][2]. Group 1: Impact on E-commerce Platforms - C2C e-commerce platforms like eBay and Etsy will face significant challenges as international transactions for second-hand, vintage, and handmade goods may incur high tariffs, leading to increased consumer costs and reduced purchasing choices [2][3]. - Sellers on platforms like Etsy anticipate a 30%-50% decrease in order volume due to the new tariffs, which will make their products less competitive [3][5]. - eBay has stated that the policy change will harm consumer interests and reduce market diversity, while Etsy warns that it may force small sellers off the platform [3][4]. Group 2: Consumer Reactions and Concerns - Consumers are expected to face higher costs, with some items potentially doubling in price due to tariffs, taxes, and handling fees, which could lead to a significant reduction in purchases of international goods [2][3]. - Consumer advocacy groups have expressed concerns that the policy will deprive Americans of access to unique, low-cost products and increase the overall cost of living [3][6]. Group 3: Industry and Economic Implications - The International Secondhand Trade Association (IBTA) has warned that the policy could destroy a multi-billion dollar industry and lead to significant job losses [5]. - Delivery companies like FedEx and UPS have cautioned that the new tariff declaration process may cause package backlogs and delays in delivery times [6]. - The U.S. Trade Representative's Office has reiterated that the policy change will not be altered, emphasizing a shift away from being a "dumping ground" for cheap goods [6].

Company Overview - eBay, Inc. has reached all-time highs in stock price due to improved earnings performance [1] - The company is not projecting significant growth despite a 20% increase in stock value [1] Growth Strategies - eBay is leveraging artificial intelligence (AI) and live services as key drivers for future growth [1]

Financial Performance - eBay's quarterly revenue and profit exceeded expectations [1] - eBay issued an optimistic outlook [1] Market Trends - Shares of eBay soared after the report [1]

PART I: FINANCIAL INFORMATION [Item 1: Financial Statements (unaudited)](index=6&type=section&id=Item%201%3A%20Financial%20Statements%20(unaudited)) This section presents the company's unaudited condensed consolidated financial statements for Q2 2025 Condensed Consolidated Statement of Income Highlights (Three Months Ended June 30) | Financial Metric | 2025 (in millions) | 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Net Revenues | $2,730 | $2,572 | +6.1% | | Gross Profit | $1,954 | $1,837 | +6.4% | | Income from Operations | $484 | $549 | -11.8% | | Net Income | $368 | $224 | +64.3% | | Diluted EPS | $0.79 | $0.45 | +75.6% | Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Current Assets | $5,919 | $7,567 | | Total Assets | $17,961 | $19,365 | | Total Current Liabilities | $5,940 | $6,098 | | Total Liabilities | $13,212 | $14,207 | | Total Stockholders' Equity | $4,749 | $5,158 | [Note 1 — The Company and Summary of Significant Accounting Policies](index=13&type=section&id=Note%201%20%E2%80%94%20The%20Company%20and%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the company's business, basis of presentation, and significant accounting policies - eBay is a global commerce leader with marketplace platforms that empower millions of buyers and sellers in over 190 markets[27](index=27&type=chunk) - Effective January 1, 2024, the company changed its estimate of the **useful lives for servers and networking equipment from three to four years**, citing improvements in hardware, software, and data center designs[30](index=30&type=chunk) - The company adopted new accounting standards (ASU 2023-07 for Segment Reporting and ASU 2023-08 for Crypto Assets) with **no material impact** on its financial statements[37](index=37&type=chunk)[38](index=38&type=chunk) [Note 2 — Net Income Per Share](index=15&type=section&id=Note%202%20%E2%80%94%20Net%20Income%20Per%20Share) This note provides a detailed computation of basic and diluted net income per share for Q2 2025 and 2024 Net Income Per Share Calculation (Three Months Ended June 30) | Per Share Data | 2025 | 2024 | | :--- | :--- | :--- | | **Basic** | | | | Continuing Operations | $0.80 | $0.45 | | Net Income | $0.80 | $0.45 | | **Diluted** | | | | Continuing Operations | $0.79 | $0.45 | | Net Income | $0.79 | $0.45 | | **Weighted-Average Shares (in millions)** | | | | Basic | 461 | 503 | | Diluted | 470 | 507 | [Note 3 — Goodwill and Intangible Assets](index=16&type=section&id=Note%203%20%E2%80%94%20Goodwill%20and%20Intangible%20Assets) This note details changes in goodwill and intangible assets, including an increase from the Caramel acquisition - **Goodwill increased by $117 million to $4.386 billion** in the first six months of 2025, mainly from the acquisition of Caramel ($72 million) and foreign currency adjustments ($45 million)[45](index=45&type=chunk) - Expected future amortization of intangible assets is projected to be **$25 million for the remainder of 2025** and **$42 million for 2026**[47](index=47&type=chunk) Intangible Assets (Net Carrying Amount, in millions) | Asset Type | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Customer lists and user base | $43 | $46 | | Marketing related | $36 | $38 | | Developed technologies | $51 | $34 | | Total | $131 | $119 | [Note 4 — Segments](index=17&type=section&id=Note%204%20%E2%80%94%20Segments) This note clarifies that eBay operates as a single reportable segment and breaks down revenue by activity and geography - The company operates as **one reportable segment**, and performance is assessed by the CEO based on consolidated net income[49](index=49&type=chunk) Net Revenues by Activity (Six Months Ended June 30, in millions) | Revenue Type | 2025 | 2024 | | :--- | :--- | :--- | | Marketplace revenues | $4,391 | $4,346 | | Advertising revenues | $924 | $782 | | **Total net revenues** | **$5,315** | **$5,128** | Net Revenues by Geography (Six Months Ended June 30, in millions) | Geography | 2025 | 2024 | | :--- | :--- | :--- | | United States | $2,743 | $2,595 | | United Kingdom | $712 | $782 | | China | $611 | $566 | | Germany | $483 | $489 | | Rest of world | $766 | $696 | | **Total net revenues** | **$5,315** | **$5,128** | [Note 5 — Investments](index=18&type=section&id=Note%205%20%E2%80%94%20Investments) This note details the company's investment portfolio, highlighting a $225 million cash distribution from Aurelia - In Q2 2025, eBay received a **$225 million cash distribution** from its equity investment in Aurelia, which was treated as a return of capital[66](index=66&type=chunk) - The carrying value of the investment in Aurelia was **$653 million** as of June 30, 2025, down from $867 million at year-end 2024, primarily due to the cash distribution[67](index=67&type=chunk) Fair Value of Investments (in millions) | Investment Type | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Short-term investments | $1,706 | $3,457 | | Long-term investments (debt) | $1,608 | $1,309 | | Total equity investments | $912 | $1,130 | [Note 6 — Derivative Instruments](index=22&type=section&id=Note%206%20%E2%80%94%20Derivative%20Instruments) This note explains the use of derivatives to mitigate risk and notes the expiration of the Adyen warrant - The company uses foreign currency and interest rate contracts to hedge against volatility in cash flows from forecasted revenues, expenses, and intercompany balances[78](index=78&type=chunk)[79](index=79&type=chunk) - The warrant agreement with Adyen N.V. **expired on January 31, 2025**[85](index=85&type=chunk) Notional Amounts of Outstanding Derivatives (in millions) | Derivative Type | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Foreign exchange contracts (cash flow hedges) | $1,859 | $1,329 | | Foreign exchange contracts (not designated) | $1,847 | $1,667 | | Interest rate contracts (cash flow hedges) | $200 | $150 | | **Total** | **$3,906** | **$3,146** | [Note 7 — Fair Value Measurement of Assets and Liabilities](index=26&type=section&id=Note%207%20%E2%80%94%20Fair%20Value%20Measurement%20of%20Assets%20and%20Liabilities) This note details the three-level hierarchy used for fair value measurement of financial assets and liabilities - The Adyen warrant, previously a Level 3 derivative, had its **balance reduced to zero** by December 31, 2024, following exercise and expiration[104](index=104&type=chunk)[105](index=105&type=chunk) Financial Assets Measured at Fair Value (June 30, 2025, in millions) | Asset Category | Total Fair Value | Level 1 | Level 2 | Level 3 | | :--- | :--- | :--- | :--- | :--- | | Cash, cash equivalents & restricted cash | $3,231 | $3,231 | $— | $— | | Derivatives | $69 | $— | $54 | $15 | | Short-term investments | $1,706 | $— | $1,706 | $— | | Long-term investments | $1,608 | $— | $1,608 | $— | | **Total Financial Assets** | **$6,614** | **$3,231** | **$3,368** | **$15** | [Note 8 — Supplemental Consolidated Financial Information](index=29&type=section&id=Note%208%20%E2%80%94%20Supplemental%20Consolidated%20Financial%20Information) This note provides additional detail on specific financial statement line items like accrued expenses - For the six months ended June 30, 2024, the 'Loss on equity investments and warrant, net' of **$319 million** was driven by unrealized losses on Adevinta shares, changes in the fair value of the Adyen warrant, and the Aurelia option[117](index=117&type=chunk) Accrued Expenses and Other Current Liabilities (June 30, 2025, in millions) | Expense Type | Amount | | :--- | :--- | | Accrued indirect tax expense | $495 | | Accrued compensation and related benefits | $438 | | Accrued marketing expenses | $222 | | Other current tax liabilities | $191 | | **Total** | **$2,288** | [Note 9 — Debt](index=31&type=section&id=Note%209%20%E2%80%94%20Debt) This note outlines the company's $6.75 billion debt structure and recent repayment of $800 million in senior notes - In March 2025, eBay **repaid the $800 million principal amount** of its 1.900% senior notes due 2025 upon maturity[121](index=121&type=chunk) - The company has a **$2.0 billion revolving credit facility** maturing in January 2029, which was undrawn as of June 30, 2025[127](index=127&type=chunk)[128](index=128&type=chunk) Total Debt Summary (in millions) | Debt Category | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Long-Term Debt | $5,002 | $5,752 | | Short-Term Debt | $1,746 | $1,673 | | **Total Debt** | **$6,748** | **$7,425** | [Note 10 — Commitments and Contingencies](index=33&type=section&id=Note%2010%20%E2%80%94%20Commitments%20and%20Contingencies) This note discusses legal proceedings, including a deferred prosecution agreement and a dismissed DOJ complaint - A civil complaint filed by the DOJ regarding alleged violations of environmental acts was **dismissed by the District Court**, and the government's subsequent appeal was voluntarily dismissed in April 2025[136](index=136&type=chunk) - The company is under a **three-year deferred prosecution agreement (DPA)** related to a 2019 stalking incident, which requires an independent compliance monitor[135](index=135&type=chunk) - Accrued amounts for legal and regulatory proceedings were **not material** as of June 30, 2025, and the company believes reasonably possible losses in excess of accruals are also not material[138](index=138&type=chunk) [Note 11 — Stockholders' Equity](index=35&type=section&id=Note%2011%20%E2%80%94%20Stockholders'%20Equity) This note covers changes in stockholders' equity, focusing on stock repurchases and dividend payments - During the six months ended June 30, 2025, the company paid **$268 million in cash dividends**[147](index=147&type=chunk) - In July 2025, the Board declared a cash dividend of **$0.29 per share**, payable in September 2025[147](index=147&type=chunk) Stock Repurchase Activity (Six Months Ended June 30, 2025) | Metric | Value | | :--- | :--- | | Shares Repurchased (millions) | 18 | | Average Price per Share | $68.64 | | Value of Shares Repurchased (millions) | $1,250 | | Remaining Authorization (millions) | $2,048 | [Note 12 — Employee Benefit Plans](index=36&type=section&id=Note%2012%20%E2%80%94%20Employee%20Benefit%20Plans) This note details stock-based compensation expense and outstanding restricted stock units (RSUs) - As of June 30, 2025, there were **24 million restricted stock units (RSUs) outstanding**[149](index=149&type=chunk) Stock-Based Compensation Expense (in millions) | Period | Expense | | :--- | :--- | | Three Months Ended June 30, 2025 | $165 | | Six Months Ended June 30, 2025 | $301 | | Three Months Ended June 30, 2024 | $154 | | Six Months Ended June 30, 2024 | $300 | [Note 13 — Income Taxes](index=37&type=section&id=Note%2013%20%E2%80%94%20Income%20Taxes) This note discusses ongoing tax examinations and the expected reduction of unrecognized tax benefits - The company is under examination by tax authorities in the U.S. and other material jurisdictions for **tax years from 2010 to 2023**[152](index=152&type=chunk) - eBay expects the gross amount of unrecognized tax benefits to **decrease by at least $210 million** within the next 12 months[153](index=153&type=chunk) - New U.S. tax legislation, the 'One Big Beautiful Bill Act,' was enacted on July 4, 2025, and the company is **evaluating its potential impact** on its effective tax rate and deferred tax liabilities[155](index=155&type=chunk) [Note 14 — Accumulated Other Comprehensive Income](index=38&type=section&id=Note%2014%20%E2%80%94%20Accumulated%20Other%20Comprehensive%20Income) This note provides a detailed reconciliation of the changes in Accumulated Other Comprehensive Income (AOCI) Changes in AOCI (Six Months Ended June 30, 2025, in millions) | AOCI Component | Beginning Balance (Dec 31, 2024) | Net Change | Ending Balance (June 30, 2025) | | :--- | :--- | :--- | :--- | | Unrealized (Losses) on Derivatives | $75 | $(114) | $(39) | | Unrealized Gains on Investments | $(7) | $18 | $11 | | Foreign Currency Translation | $130 | $64 | $194 | | **Total AOCI** | **$206** | **$(11)** | **$195** | [Note 15 — Restructuring](index=40&type=section&id=Note%2015%20%E2%80%94%20Restructuring) This note details the completion of a 2023 workforce reduction plan and the remaining accrued liability - A workforce reduction plan from Q4 2023 was **substantially completed in Q2 2024**[161](index=161&type=chunk) - As of June 30, 2025, the remaining accrued restructuring liability was **$5 million**, down from $10 million at the beginning of the year[161](index=161&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202%3A%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial performance, revenue trends, and capital resources [Overview](index=41&type=section&id=Overview) This subsection provides a high-level overview of business performance, including GMV growth and macroeconomic pressures - **GMV grew in H1 2025** due to strategy execution in Focus Categories, but was partially offset by pressures from geopolitical events, inflation, and interest rates[167](index=167&type=chunk) - For Q2 2025, **net revenues increased 6% to $2.73 billion**, while operating margin decreased to 17.7% from 21.3% YoY, primarily due to higher non-recurring G&A expenses[169](index=169&type=chunk)[170](index=170&type=chunk) - In Q2 2025, the company **repurchased $625 million of common stock**, paid $134 million in dividends, and received a $225 million cash distribution from its Aurelia investment[171](index=171&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) This subsection analyzes operational results, including revenue growth drivers and increased operating expenses - GMV growth was driven by strategic initiatives, improved consumer demand, and strong performance in **Focus Categories like Collectibles, Motors Parts & Accessories, and Luxury goods**[186](index=186&type=chunk) - **General and administrative expenses increased 53%** in Q2 2025 YoY, primarily due to a $57 million increase related to legal matters and a $55 million increase for senior leader transitions and restructuring[194](index=194&type=chunk)[202](index=202&type=chunk) - The **effective tax rate for Q2 2025 was 22.5%**, down from 31.1% in Q2 2024, mainly due to higher excess tax benefits on stock-based compensation[209](index=209&type=chunk) Key Operating Metrics (Three Months Ended June 30) | Metric | 2025 | 2024 | % Change (As Reported) | % Change (FX-Neutral) | | :--- | :--- | :--- | :--- | :--- | | Net Revenues (in millions) | $2,730 | $2,572 | 6% | 4% | | GMV (in millions) | $19,514 | $18,418 | 6% | 4% | | Take Rate | 13.99% | 13.96% | +0.03% | N/A | [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) This subsection details the company's liquidity, cash flows, and capital allocation, including stock repurchases - **Cash from operations decreased** primarily due to a $682 million increase in cash paid for taxes[213](index=213&type=chunk) - During the first six months of 2025, the company **repurchased $1.3 billion of its common stock** and had $2.0 billion remaining under its authorization as of June 30, 2025[228](index=228&type=chunk) Cash Flow Summary (Six Months Ended June 30, in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $480 | $982 | | Net cash provided by investing activities | $1,379 | $902 | | Net cash used in financing activities | $(1,964) | $(1,805) | [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the company's exposure to interest rate, equity price, and foreign currency risks - A hypothetical **1% (100 basis point) increase in interest rates** would result in a $38 million decrease in the fair value of the company's investments as of June 30, 2025[235](index=235&type=chunk) - As of June 30, 2025, the company held **$912 million in equity investments**, primarily in privately-held companies, exposing it to equity price risk[237](index=237&type=chunk) - The company uses foreign exchange contracts to hedge its global revenue and cost exposures, resulting in an **immaterial impact on pre-tax income** from a hypothetical 20% adverse change in foreign exchange rates[240](index=240&type=chunk)[243](index=243&type=chunk)[245](index=245&type=chunk) [Item 4: Controls and Procedures](index=57&type=section&id=Item%204%3A%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and internal financial reporting - The Principal Executive Officer and Principal Financial Officer concluded that the company's **disclosure controls and procedures were effective** as of June 30, 2025[246](index=246&type=chunk) - There were **no material changes in internal control** over financial reporting during the most recently completed fiscal quarter[247](index=247&type=chunk) PART II: OTHER INFORMATION [Item 1: Legal Proceedings](index=58&type=section&id=Item%201%3A%20Legal%20Proceedings) This item references Note 10 for details on legal proceedings - Information regarding legal proceedings is detailed in **Note 10** to the condensed consolidated financial statements[250](index=250&type=chunk) [Item 1A: Risk Factors](index=58&type=section&id=Item%201A%3A%20Risk%20Factors) This section states no material changes to risk factors from the 2024 Annual Report - There have been **no material changes** to the Company's risk factors from those disclosed in the 2024 Form 10-K[251](index=251&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details common stock repurchases of $625 million during Q2 2025 - For the three months ended June 30, 2025, eBay **repurchased $625 million of its common stock**, with $2.048 billion remaining available for future repurchases[253](index=253&type=chunk) Issuer Purchases of Equity Securities (Q2 2025) | Period Ended | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 30, 2025 | 3,039,668 | $65.32 | | May 31, 2025 | 2,996,252 | $70.85 | | June 30, 2025 | 2,793,308 | $76.67 | | **Total** | **8,829,228** | **N/A** | [Item 3: Defaults Upon Senior Securities](index=58&type=section&id=Item%203%3A%20Defaults%20Upon%20Senior%20Securities) This item is not applicable as there were no defaults on senior securities - Not applicable[256](index=256&type=chunk) [Item 4: Mine Safety Disclosures](index=58&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[257](index=257&type=chunk) [Item 5: Other Information](index=59&type=section&id=Item%205%3A%20Other%20Information) This section discloses the adoption of Rule 10b5-1 trading plans by two senior executives - On May 22, 2025, **Cornelius Boone, SVP, Chief People Officer**, adopted a 10b5-1 trading plan for the potential sale of up to 32,661 shares and the gifting of 1,471 shares[258](index=258&type=chunk) - On June 13, 2025, **Mazen Rawashdeh, SVP, Chief Technology Officer**, adopted a 10b5-1 trading plan for the potential sale of up to 41,558 shares[259](index=259&type=chunk) [Item 6: Exhibits](index=60&type=section&id=Item%206%3A%20Exhibits) This item lists all exhibits filed as part of the Quarterly Report on Form 10-Q - This section provides an index of all exhibits filed with the Form 10-Q, including **CEO/CFO certifications and Inline XBRL documents**[260](index=260&type=chunk)[262](index=262&type=chunk)

Core Insights - eBay Inc. reported second-quarter 2025 non-GAAP earnings of $1.37 per share, exceeding the Zacks Consensus Estimate by 5.38%, with a year-over-year increase of 16.1% [1] - Net revenues reached $2.73 billion, surpassing the Zacks Consensus Estimate by 2.79%, and increased by 6.1% year-over-year on a reported basis [1] - Total gross merchandise volume (GMV) was $19.5 billion, reflecting a year-over-year growth of 6% on a reported basis, exceeding the Zacks Consensus Estimate of $19 billion [3] Financial Performance - eBay's first-party advertising products generated revenues of $455 million, marking a 19% increase on an as-reported basis [1] - Total advertising offerings yielded $482 million in revenues, representing 2.5% of the gross merchandise volume [2] - Operating expenses grew to $1.47 billion, a 14.1% increase year-over-year, with operating margin at 28.4%, expanding 40 basis points [4] GMV Breakdown - U.S. GMV totaled $9.43 billion, accounting for 48.3% of total GMV, with a year-over-year increase of 7.2% [3] - International GMV was $10.09 billion, representing 51.7% of total GMV, with a year-over-year increase of 4.8% [3] Balance Sheet & Cash Flow - As of June 30, 2025, cash equivalents and short-term investments were $3.75 billion, down from $4.79 billion as of March 31, 2025 [5] - Long-term debt improved to $5 billion, down from $5.75 billion in the prior quarter [5] - Operating cash flow turned negative at $307 million, a significant decline from $787 million in positive cash flow in the previous quarter [5] Shareholder Returns - eBay generated a negative free cash flow of $441 million during the second quarter [6] - The company repurchased $625 million worth of shares and paid out dividends of $134 million in the reported quarter [6] - Approximately $2 billion remained under its buyback authorization as of June 30, 2025 [6] Future Guidance - For Q3 2025, eBay expects revenues between $2.69 billion and $2.74 billion, with an anticipated FX-neutral revenue growth of 3-5% [8] - The non-GAAP operating margin for Q3 2025 is expected to be between 26.6% and 27.1% [8] - GMV for Q3 is projected to be between $19.2 billion and $19.6 billion [8] Earnings Expectations - Non-GAAP earnings per share for Q3 2025 are anticipated to be between $1.29 and $1.34, with the Zacks Consensus Estimate at $1.32 [9]