Financial Performance - eBay Inc. reported first-quarter 2025 non-GAAP earnings of $1.38 per share, exceeding the Zacks Consensus Estimate by 2.99% and reflecting a 10% year-over-year increase [1] - Net revenues reached $2.58 billion, surpassing the Zacks Consensus Estimate by 1.49%, with a 1% increase from the previous year on a reported basis and a 2% increase on an FX-neutral basis [2] - Operating expenses were $1.24 billion, growing 1.71% year over year, while the non-GAAP operating margin was 29.8%, down 50 basis points from the previous year [5] Advertising Revenue - First-party advertising products generated revenues of $418 million, marking a 13% increase on an as-reported basis and a 14% increase on an FX-neutral basis [2] - Total advertising offerings yielded $442 million in revenues, representing 2.4% of gross merchandise volume (GMV) [2] Gross Merchandise Volume (GMV) - eBay's total GMV for the quarter was $18.8 billion, showing a year-over-year growth of 1% on a reported basis and 2% on an FX-neutral basis, exceeding the Zacks Consensus Estimate of $18.5 billion [4] - U.S. GMV totaled $9.06 billion, accounting for 48.3% of total GMV, with a 1% year-over-year increase, while international GMV was $9.68 billion, accounting for 51.7% of total GMV, with no year-over-year change [4] Active Buyer Base - eBay's active buyer base was 134 million at the end of the first quarter, reflecting a 1% year-over-year increase but missing the consensus mark by 0.10% [3] Cash Flow and Shareholder Returns - The company generated $787 million in cash from operating activities, up from $677 million in the previous quarter, with free cash flow at $644 million [6] - eBay repurchased $625 million worth of shares and paid out dividends of $134 million during the quarter, with $2.7 billion remaining under its buyback authorization as of March 31, 2025 [7] Guidance - For the second quarter of 2025, eBay expects revenues between $2.59 billion and $2.66 billion, with an anticipated revenue growth of (1)-2% on an FX-neutral basis [9] - The non-GAAP operating margin for the second quarter is expected to be between 27% and 27.8%, with GMV projected to be in the range of $18.6 billion to $19.1 billion [9][10]

Core Insights - eBay is enhancing its focus on pre-loved fashion through the launch of the eBay Watchlist, which is informed by shopper data and trends identified by fashion authority Brie Welch [1][2][4] - The cultural shift towards pre-loved fashion is significant, with nearly 40% of clothing, shoes, and accessories sold on eBay in 2024 being categorized as pre-loved [2] - eBay aims to promote circularity in fashion, encouraging consumers to engage with the circular economy and making pre-loved fashion a mainstream choice [4][5] Company Overview - eBay Inc. is a global commerce leader that connects buyers and sellers across more than 190 markets, enabling $75 billion in gross merchandise volume in 2024 [7] - The company has been operational for 30 years, focusing on refreshing wardrobes and facilitating the exchange of items [5] Fashion Trends - **Modern Bohemia**: A rise in romantic bohemian styles, with searches for classic fringe bags up 41% and Penny Lane jackets up 44% [8] - **Well Suited**: Power dressing is resurging, with searches for "cinched blazer" and "oversized suit" increasing by 209% and 87% respectively [8] - **Function First**: Utilitarian fashion is gaining popularity, with searches for "barrel jeans" up 130% [8] - **Dyed in Dusk**: Pastel tones and playful details are trending, with butter yellow dresses seeing a 656% increase in searches [8] - **Blue Hues**: Denim remains a favorite, with searches for "jeans from Japan" and "selvedge denim" up 68% and 46% respectively [8]

Group 1 - eBay reported a 1.1% year-over-year revenue growth in Q1, reaching $2.59 billion, exceeding the expected $2.55 billion [1] - Earnings per share were $1.38, higher than the anticipated $1.34 [1] - The company provided a positive Q2 guidance, expecting revenue between $2.59 billion and $2.66 billion, above market expectations [1] - CEO Jamie Iannone noted that shoppers eager to avoid tariffs accelerated their spending, contributing to a strong start for the online marketplace [1] - 48% of eBay's revenue in Q1 came from international markets, reducing reliance on U.S. consumers purchasing Chinese goods [1] - eBay is focusing on increasing sales of second-hand and refurbished items, which are less affected by tariffs, with these items accounting for 40% of sales [1] Group 2 - eBay's Gross Merchandise Volume (GMV) grew by 1% in Q1, reaching $18.8 billion, surpassing the average expectation of $18.5 billion [2] - U.S. GMV was $9.07 billion, also up 1% year-over-year, while international GMV was $9.69 billion, growing by 0.4% [2] - The number of active buyers increased by 1.5% year-over-year, totaling 134 million, in line with expectations [2] - eBay announced a cash dividend of $0.29 per share for Q2, payable on June 13, 2025 [2] Group 3 - The company merged its product and market teams and integrated its engineering team into a single organization [3] - Jordan Sweetnam will lead the newly merged global market and product department as Chief Business Officer [3] - Mazen Rawashdeh will serve as Chief Technology Officer, leading the unified engineering organization, while CTO Eddie Garcia will resign [3]

Core Insights - eBay reported revenue of $2.59 billion for the quarter ended March 2025, reflecting a 1.1% increase year-over-year and surpassing the Zacks Consensus Estimate of $2.55 billion by 1.49% [1] - The company's EPS for the quarter was $1.38, up from $1.25 in the same quarter last year, exceeding the consensus EPS estimate of $1.34 by 2.99% [1] Financial Performance Metrics - Gross merchandise volume (GMV) reached $18.75 billion, exceeding the seven-analyst average estimate of $18.54 billion [4] - International GMV was reported at $9.69 billion, slightly above the five-analyst average estimate of $9.68 billion [4] - US GMV was $9.07 billion, surpassing the average estimate of $8.85 billion from five analysts [4] - Active buyers totaled 134 million, closely aligning with the average estimate of 134.14 million based on five analysts [4] Stock Performance - eBay's shares have returned -0.9% over the past month, compared to a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - eBay reported quarterly earnings of $1.38 per share, exceeding the Zacks Consensus Estimate of $1.34 per share, and showing an increase from $1.25 per share a year ago, representing an earnings surprise of 2.99% [1] - The company achieved revenues of $2.59 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.49% and showing a slight increase from $2.56 billion year-over-year [2] - eBay's stock has increased approximately 8.5% since the beginning of the year, contrasting with a decline of 5.5% in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.26 on revenues of $2.59 billion, while for the current fiscal year, the estimate is $5.23 on revenues of $10.42 billion [7] - The estimate revisions trend for eBay is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Internet - Commerce industry, to which eBay belongs, is currently ranked in the top 25% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew nearly 2% to approximately $18.8 billion, marking the fourth consecutive quarter of positive GMV growth [7][34] - Revenue increased over 1% to $2.58 billion, with non-GAAP earnings per share growing by 10% to $1.38 [8][34] - Non-GAAP operating income was reported at $771 million, with a non-GAAP operating margin of 29.8% [34][40] - Free cash flow generated in Q1 was $644 million, with cash and non-equity investments totaling $6.2 billion at the end of the quarter [42] Business Line Data and Key Metrics Changes - Focus category GMV grew over 6% in Q1, with collectibles being the largest contributor to growth, particularly in trading cards [11][35] - The fashion category generated over $10 billion of GMV annually, with significant improvements in customer experience and AI-powered shopping features [13][15] - First-party advertising revenue grew 14%, with total advertising revenue reaching $442 million, representing GMV penetration of nearly 2.4% [23][39] Market Data and Key Metrics Changes - U.S. GMV grew nearly 0.5% in Q1, driven by focus categories, particularly trading cards [36] - International GMV grew nearly 3% on an FX neutral basis, although the macro environment in international markets, especially Germany and the UK, was weaker than in the U.S. [37][38] - Trailing twelve-month active buyers grew over 1% to 134 million, with spending per enthusiast buyer remaining over $3,100 [38] Company Strategy and Development Direction - The company is focused on leveraging its extensive selection of pre-loved and refurbished goods to mitigate consumer pressure during rising costs [10][11] - Strategic partnerships, such as with Collectors and PSA, are enhancing the marketplace's value proposition, particularly in trading cards [12] - The company is evolving its leadership structure to enhance innovation and cross-functional collaboration, with a focus on AI integration [30][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty created by tariffs and trade policy changes but expressed confidence in the company's ability to navigate these challenges [9][43] - The outlook for Q2 includes GMV expectations between $18.6 billion and $19.1 billion, with revenue forecasts between $2.59 billion and $2.66 billion [44][45] - For 2025, the company anticipates low single-digit GMV growth on an FX neutral basis, driven by focus categories and geo-specific investments [48] Other Important Information - The company returned approximately $760 million to shareholders through repurchases and cash dividends in Q1 [8][34] - Changes in leadership were announced, with Steve Priest stepping down as CFO and Peggy Alford set to take over [28][29] Q&A Session Summary Question: Demand elasticity in the current commerce landscape - Management noted that eBay is in a strong position to leverage its global seller base and adapt to changes in trade policies, with a focus on used goods during consumer pressure [55] Question: Impact of China tariffs on eBay's business - Management indicated that the Greater China to U.S. corridor accounts for about 5% of total GMV, with tools like Speedpack helping to manage tariff complexities [61][62] Question: Advertising revenue durability amid macro changes - Management reported strong demand for advertising, with no material impact from tariffs observed to date [68] Question: Resilience of eBay during potential consumer pullback - Management expressed confidence in eBay's resilience due to its inventory mix, which includes a significant portion of used and refurbished goods [85][86] Question: Competitive landscape changes due to macro shifts - Management is leveraging its competitive advantage in pre-owned goods and is actively marketing to attract new sellers, which is expected to enhance overall marketplace activity [92][95]

Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew nearly 2% to approximately $18.8 billion, marking the fourth consecutive quarter of positive GMV growth [6][33] - Revenue increased over 1% to $2.58 billion, with non-GAAP earnings per share growing by 10% to $1.38 [6][33] - Non-GAAP operating income was reported at $771 million, and approximately $760 million was returned to shareholders through repurchases and cash dividends [6][33] Business Line Data and Key Metrics Changes - Focus category GMV grew over 6% in Q1, with collectibles being the largest contributor to growth, particularly in trading cards [9][10] - The fashion category generated over $10 billion of GMV annually, with significant improvements in customer experience and AI-powered shopping features [11][12] - Advertising revenue grew 14% in Q1, with first-party ads contributing significantly to this growth [22][39] Market Data and Key Metrics Changes - U.S. GMV grew nearly 5% in Q1, driven by focus categories, especially trading cards [34] - International GMV grew nearly 3% on an FX neutral basis, with macroeconomic conditions in international markets being weaker than in the U.S. [36] - Trailing twelve-month active buyers grew over 1% to 134 million, with spending per enthusiast buyer remaining over $3,100 [37] Company Strategy and Development Direction - The company is focused on navigating trade policy changes and supporting sellers and buyers through its Speedpack shipping program [7][8] - Strategic partnerships, such as with Collectors and PSA, are enhancing the marketplace's value proposition [10] - The leadership structure is evolving to enhance innovation and collaboration, with a focus on AI integration across various functions [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the macro environment but expressed confidence in the company's resilience due to its diverse inventory and seller base [54][100] - The company expects GMV for Q2 to be between $18.6 billion and $19.1 billion, reflecting FX neutral growth between negative 1% and positive 2% year over year [44] - For 2025, the company anticipates low single-digit GMV growth on an FX neutral basis, driven by focus categories and geo-specific investments [47][48] Other Important Information - The company announced leadership changes, with Peggy Alford set to become the new CFO [26][28] - The company is targeting share repurchases of at least $2 billion in 2025 while maintaining flexibility for opportunistic investments [49] Q&A Session Summary Question: How to think about demand elasticity in a rising pricing environment? - Management noted that eBay's vast seller base can leverage shipping solutions to adapt to trade policy changes, and the marketplace tends to be resilient during periods of consumer pressure [54][55] Question: Impact of China tariffs on eBay's business? - Management indicated that approximately 5% of total GMV comes from the Greater China to U.S. corridor, and the company has tools to help sellers navigate tariff complexities [60][61] Question: Durability of advertising revenue amid macro changes? - Management reported strong demand for advertising, with no material impact from tariffs observed to date [67] Question: How does eBay view the concept of agentic commerce? - Management expressed confidence in the progress made with AI tools and their integration into the customer experience, enhancing efficiency and engagement [74][75] Question: Health of consumer and leading indicators? - Management characterized U.S. demand as resilient, while noting concerns in international markets, particularly in Germany and the UK [100][101]

eBay一季度净营收26美元，分析师预期25.5亿美元。 预计二季度净营收25.9亿-26.6亿美元，分析师预期26.0亿美元。 ...

Q1 2025 Performance - eBay's Gross Merchandise Volume (GMV) reached $18.8 billion, exceeding guidance[7] - Revenue totaled $2.58 billion, also surpassing expectations[7] - Non-GAAP Operating Margin was 29.8%[7] - Diluted Non-GAAP EPS was $1.38, a 10% increase[7] Business Highlights - eBay had 16 million Enthusiast Buyers[7] - The company is strengthening its position in fashion through marketing and partnerships[16] - eBay launched a new AI-powered discovery experience for personalized shopping[17] - A simplified listing flow, powered by Magical Listing technology, is now live for C2C sellers, showing over 90% customer satisfaction[20] - eBay expanded its partnership with Klarna in the US, offering "Buy Now, Pay Later" options[25] Financial Outlook - Q2 2025 GMV is guided to be between $18.6 - $19.1 billion, representing a 1%-4% spot growth[57] - Q2 2025 Revenue is expected to be $2.59 - $2.66 billion, a 1%-3% spot growth[57] - The company targets FY'25 share repurchases of at least $2 billion[59]

Group 1 - eBay reported Q1 revenue of $2.6 billion, exceeding market expectations of $2.55 billion [1] - The revenue for Q1 shows a slight decrease compared to the same period last year, which was $2.556 billion [1]