Core Viewpoint - eBay Inc. reported strong second-quarter 2024 results with non-GAAP earnings of $1.18 per share, exceeding estimates and showing a 15% year-over-year increase [1] Financial Performance - Net revenues reached $2.57 billion, surpassing estimates by 1.7% and increasing 1% year-over-year on a reported basis and 2% on an FX-neutral basis [1] - Gross merchandise volume (GMV) totaled $18.42 billion, reflecting a 1% year-over-year growth on both reported and FX-neutral bases, exceeding the consensus estimate of $18.1 billion [3] - eBay's gross margin was 71.4%, down 30 basis points year-over-year, while operating expenses decreased by 1.2% to $1.29 billion [4] Advertising Performance - First-party advertising products generated $384 million in revenues, up 12% on an FX-neutral basis year-over-year [1] - Total advertising offerings yielded $398 million, growing 8% year-over-year on an FX-neutral basis [1] - However, third-party advertising products saw a significant decline, generating only $14 million, down 49% year-over-year on an FX-neutral basis [1] Buyer Metrics - eBay's active buyer base remained flat at 132 million year-over-year, slightly below consensus expectations [2] - Excluding acquisitions, the active buyer count was 131 million [2] Balance Sheet & Cash Flow - As of June 30, 2024, cash equivalents and short-term investments increased to $5.2 billion from $3.9 billion at the end of the previous quarter [5] - Long-term debt remained stable at $6.17 billion [5] - Cash generated from operating activities was $367 million, down from $615 million in the previous quarter [6] Shareholder Returns - eBay repurchased $1 billion worth of shares and paid out dividends totaling $135 million during the reported quarter [6] Guidance - For Q3 2024, eBay expects revenues between $2.50 billion and $2.56 billion, with an anticipated FX-neutral growth of 1-3% [7] - GMV for Q3 is projected to be between $17.8 billion and $18.2 billion [7] - Non-GAAP earnings per share are expected to be between $1.15 and $1.20, with the consensus estimate at $1.13 [7] Market Position - eBay has gained 28.8% year-to-date, outperforming the industry growth of 14.1% [1] - The company currently holds a Zacks Rank 1 (Strong Buy) [8]

bennymarty/iStock Editorial via Getty Images Among legacy technology companies, one of the most recognizable former tech giants that has continued to drag its feet on seeking relevance in the modern world is eBay (NASDAQ:EBAY). The one-time auction powerhouse has attempted a number of initiatives to bolster its recovery, including focusing on several "focus categories" like collectibles and auto parts while also building up an advertising business to squeeze more revenue from its sellers who wished to m ...

Financial Data and Key Metrics - Gross merchandise volume (GMV) grew 1% to $18.4 billion in Q2 [6] - Revenue increased 2% to $2.57 billion [6] - Non-GAAP operating margin rose by 1.0% to 27.9% [6] - Non-GAAP earnings per share rose by approximately 15% to $1.18 [7] - The company returned $1.1 billion to shareholders through repurchases and dividends during the quarter [7] Business Line Performance - Focus category GMV grew by over 4% in Q2, outpacing the remainder of the marketplace by approximately 5 points [7] - Motors Parts & Accessories (P&A) and collectibles were the largest contributors to GMV growth among focus categories [7] - eBay refurbished was the fastest-growing focus category year-over-year [9] - Luxury focus categories delivered positive year-over-year GMV growth for the sixth straight quarter [10] Market Performance - U.S. GMV grew by nearly 1 point in Q2, with collectibles being a key contributor [31] - International GMV grew by over 1% on an FX-neutral basis, with cross-border trade being a key driver [32] - Germany sustained positive year-over-year growth in C2C volume, supporting B2C business [13] - Japan saw accelerated volume growth after the opening of the authentication center [33] Strategic Direction and Industry Competition - The company is focusing on integrating Goldin and expanding its relationship with PSA to enhance the collectibles experience [8] - eBay is investing in generative AI and machine learning to simplify selling and buying experiences [15] - The company launched a complete redesign of its advertising platform to make it simpler for sellers to manage campaigns [20] - eBay is expanding its payments platform, including the launch of Venmo as a payment option in the U.S. [23] Management Commentary on Operating Environment and Future Outlook - Management highlighted continued macroeconomic headwinds, geopolitical uncertainty, and an evolving regulatory landscape [7] - The company expects FX-neutral GMV growth between flat and up 2% year-over-year in Q4 [42] - Non-GAAP operating margin expansion is expected to be between 60 to 100 basis points for the full year [43] - The company is raising its share repurchase target for the year to at least $2.5 billion [44] Other Important Information - eBay authenticated its 10th million item since the inception of the Authenticity Guarantee Program in 2024 [10] - The company launched a sustainability collaboration with Seagate to reduce e-waste [9] - eBay for charity raised more than $47 million last quarter, up 22% year-over-year [26] Q&A Session Summary Question: Advertising Growth and Campaign Adoption [47] - The company is seeing positive momentum in advertising, with new features like trend-based suggestions driven by AI [48] - First-party advertising grew over 12% in Q2, and the company expects modest take rate expansion in the second half [50] Question: AI Features and Friction Points [51] - The company is leveraging AI to simplify listing processes and improve product imagery, with high customer satisfaction (CSAT) scores [52][53] - New AI-powered features like Shop the Look and Explore are being tested and show promising engagement metrics [53] Question: Advertising Growth Long-Term [55] - The company sees a long runway for advertising growth, with a line of sight to 3% penetration and potential for further expansion [56] Question: International Performance and AI Impact [60] - International GMV grew over 1% on an FX-neutral basis, with cross-border trade being a key driver [62] - AI features are driving high CSAT scores and improving GMV growth, particularly in C2C markets like Germany [63][64] Question: Investment Cycle and Future Growth [66] - The company is focused on long-term sustainable growth and will continue to invest in focus categories, geospecific initiatives, and horizontal innovations [67][68] Question: Active Buyers and Enthusiast Buyers [74] - Active buyer count was fractionally positive year-over-year for the first time since early 2021, with enthusiast buyers remaining stable at 16 million [75][76] - Enthusiast buyers, who drive 70% of GMV, are showing strong cross-category shopping behavior, benefiting both focus and core categories [77][79] Question: Consumer Health and Q3 GMV Guidance [81] - The company noted a shift in consumer spend towards value-driven purchases, with used and refurbished goods outperforming new goods [82] - Q3 GMV guidance reflects an uneven macro environment, with some one-off impacts like summer travel demand and global sports events [84] Question: Collectibles and Trading Card Market [88] - The company is driving innovation in the collectibles market, with the integration of Goldin and partnerships with PSA simplifying the grading and selling process [89][90] - eBay Live events grew 50% quarter-over-quarter, with new features like Buy Spot enhancing the collectibles experience [91]

Q2 2024 Financial Performance - Gross Merchandise Volume (GMV) reached $18.4 billion[7] - Revenue totaled $2.6 billion[7] - Non-GAAP Operating Margin was 27.9%[7] - Non-GAAP Diluted EPS was $1.18[7] Advertising Performance - Total ads FXN revenue growth increased by 8% year-over-year[15] - IP ads FXN revenue growth increased by 12% year-over-year[15] - Approximately 3.1 million sellers adopted an ad product[15] Q2 2024 GMV and Revenue Results vs Guidance - GMV actuals were $18.4 billion, exceeding guidance of $17.8 - $18.2 billion[24] - Revenue actuals were $2.57 billion, exceeding guidance of $2.49 - $2.54 billion[24] Q3 2024 Guidance - GMV is projected to be $17.8 - $18.2 billion[79] - Revenue is projected to be $2.50 - $2.56 billion[79] - Non-GAAP EPS is projected to be $1.15 - $1.20[79] FY24 Outlook - The company anticipates full-year Non-GAAP operating margin expansion of 60 to 100 bps[81] - The company is targeting FY'24 share repurchases of at least $2.5 billion[81]

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section provides an overview of eBay's strong Q2 2024 financial performance, strategic advancements, and key innovations driving future growth [Second Quarter 2024 Performance Overview](index=1&type=section&id=1.1%20Second%20Quarter%202024%20Performance%20Overview) eBay Inc. reported strong Q2 2024 financial results, exceeding expectations with positive year-over-year Gross Merchandise Volume (GMV) growth and increased revenue, driven by Focus Categories and new AI capabilities - eBay's Q2 2024 results were **strong**, marking progress toward sustainable, long-term growth[3](index=3&type=chunk) - Continued momentum in Focus Categories contributed to increased GMV[3](index=3&type=chunk) - New AI capabilities are driving innovation and transforming customer experience[3](index=3&type=chunk) - The company exceeded expectations across key financial metrics, achieving positive year-over-year GMV growth despite an uneven discretionary demand environment[3](index=3&type=chunk) [Strategic Initiatives and Innovation](index=1&type=section&id=1.2%20Strategic%20Initiatives%20and%20Innovation) eBay advanced strategic focus categories, integrated new payment methods, expanded its refurbished program, launched AI-powered features, and completed the sale of Adevinta shares while acquiring Goldin - Completed the sale of Adevinta shares for **$2.4 billion** in cash and **$1.9 billion** in Aurelia shares[7](index=7&type=chunk) - Acquired Goldin from Collectors, sold the eBay vault, and established a commercial agreement for streamlined grading, storage, and selling experiences[7](index=7&type=chunk) - Enabled Venmo as an additional payment method, targeting Gen Z and Millennials for increased payment flexibility[7](index=7&type=chunk) - Expanded the eBay Refurbished program to include golf clubs, offering warranties and hassle-free returns[7](index=7&type=chunk) - Launched innovative product features, including generative-AI powered 'Shop the look' for fashion buyers (U.S. and U.K.) and an AI-powered background enhancement tool for sellers (U.S., U.K., Germany)[7](index=7&type=chunk) - Introduced improved selling and buying experiences for pre-owned apparel in the U.K., featuring a new selling flow and Generative AI-powered 'Shop the look' and 'Explore' features for buyers[7](index=7&type=chunk) - Partnered with Certilogo to launch a 'click-to-resell' feature for pre-owned clothing, including authenticity verification via Certilogo's AI-based system, piloted by Save The Duck[7](index=7&type=chunk) [Financial Highlights (Q2 2024)](index=1&type=section&id=Financial%20Highlights%20%28Q2%202024%29) This section details eBay's Q2 2024 financial performance, including key metrics, operating margins, tax rates, cash flow, and capital returns [Key Financial Metrics](index=1&type=section&id=2.1%20Key%20Financial%20Metrics) eBay achieved a 1% increase in revenue and GMV on an as-reported and FX-Neutral basis for Q2 2024, with GAAP diluted EPS growing 39% to $0.45 and Non-GAAP diluted EPS increasing 15% to $1.18 Key Financial Metrics (Millions) | Metric | Q2 2024 | Q2 2023 | Change ($) | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | :--------- | | Net revenues | $2,572M | $2,540M | $32M | 1% | | GAAP Net income (Continuing Ops) | $226M | $172M | $54M | 31% | | GAAP EPS (Diluted, Continuing Ops) | $0.45 | $0.32 | $0.13 | 39% | | Non-GAAP Net income (Continuing Ops) | $602M | $555M | $47M | 8% | | Non-GAAP EPS (Diluted, Continuing Ops) | $1.18 | $1.03 | $0.15 | 15% | Gross Merchandise Volume (Billions) | Metric | Q2 2024 | Q2 2023 | Change ($) | Change (%) | | :-------------------- | :------ | :------ | :--------- | :--------- | | Gross Merchandise Volume | $18.4B | $18.2B | $0.2B | 1% | | GMV (FX-Neutral) | $18.4B | N/A | N/A | 1% | [Operating Margins and Tax Rates](index=1&type=section&id=2.2%20Operating%20Margins%20and%20Tax%20Rates) Both GAAP and Non-GAAP operating margins improved year-over-year in Q2 2024, reaching 21.3% and 27.9% respectively, while the GAAP effective tax rate decreased significantly to 31.1% Operating Margins and Tax Rates | Metric | Q2 2024 | Q2 2023 | Change (pp) | | :-------------------------- | :------ | :------ | :---------- | | GAAP Operating Margin | 21.3% | 20.4% | +0.9 | | Non-GAAP Operating Margin | 27.9% | 26.9% | +1.0 | | GAAP Effective Tax Rate | 31.1% | 39.7% | -8.6 | | Non-GAAP Effective Tax Rate | 16.5% | 16.5% | 0.0 | [Cash Flow and Capital Returns](index=1&type=section&id=2.3%20Cash%20Flow%20and%20Capital%20Returns) In Q2 2024, eBay generated $367 million in operating cash flow and $278 million in free cash flow, returning **$1.1 billion** to stockholders through share repurchases and dividends Cash Flow and Capital Returns (Millions/Billions) | Metric | Q2 2024 | Q2 2023 | | :-------------------------- | :------ | :------ | | Operating Cash Flow | $367M | $605M | | Free Cash Flow | $278M | $492M | | Share Repurchases | $1.0B | $250M | | Cash Dividends Paid | $135M | $133M | | Total Capital Returned | $1.1B | $385M | - Total repurchase authorization remaining as of June 30, 2024, was approximately **$1.9 billion**[15](index=15&type=chunk) - Cash and cash equivalents and non-equity investments portfolio totaled **$6.3 billion** as of June 30, 2024[15](index=15&type=chunk) [Business Operations and Strategic Developments](index=1&type=section&id=Business%20Operations%20and%20Strategic%20Developments) This section outlines eBay's platform enhancements, strategic partnerships, and significant social and environmental impact initiatives during the quarter [Platform Enhancements and Partnerships](index=1&type=section&id=3.1%20Platform%20Enhancements%20and%20Partnerships) eBay expanded its consignment service to luxury items, formed strategic partnerships with Condé Nast and McLaren Formula 1, collaborated with Seagate on sustainability, and launched new AI-powered product features - Expanded consignment service in the U.S. to include luxury watches, footwear, and fine jewelry, partnering with Linda's Stuff[9](index=9&type=chunk) - Partnered with Condé Nast to spotlight pre-loved apparel at major fashion events[9](index=9&type=chunk) - Became an Official Partner of the McLaren Formula 1 Team for a multi-year collaboration, featuring eBay branding on race cars for four races in 2024[9](index=9&type=chunk) - Announced a sustainability collaboration with Seagate, offering direct sales of factory recertified hard drives on eBay to reduce e-waste[7](index=7&type=chunk) [Social and Environmental Impact](index=2&type=section&id=3.2%20Social%20and%20Environmental%20Impact) eBay released its 2023 Impact and Recommerce Reports, partnered with Elton John for 'Rocket Man Resale', granted nearly **$7 million** through the eBay Foundation, and saw eBay for Charity contributions exceed **$47 million** globally - Released its 2023 Impact Report, showcasing efforts in economic opportunities, sustainable commerce, and a diverse workforce[9](index=9&type=chunk) - Published its latest Recommerce Report, emphasizing the benefits of shopping pre-loved items[9](index=9&type=chunk) - Launched 'Rocket Man Resale' in partnership with Elton John, selling his personal collection of pre-loved fashion items exclusively on eBay, with all proceeds benefiting the Elton John AIDS Foundation[9](index=9&type=chunk) - eBay Foundation granted nearly **$7 million** to strategic nonprofit partners in the U.S. to address barriers to entrepreneurship for historically excluded groups[9](index=9&type=chunk) - eBay for Charity contributed over **$47 million** globally in Q2, representing a **22% year-over-year increase**[9](index=9&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents eBay's condensed consolidated financial statements, including the balance sheet, statement of income, and statement of cash flows [Condensed Consolidated Balance Sheet](index=6&type=section&id=4.1%20Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2024, eBay's total assets decreased to **$20.38 billion** from **$21.62 billion** at year-end 2023, primarily due to the sale of Adevinta shares, with total liabilities at **$14.85 billion** and stockholders' equity at **$5.53 billion** Condensed Consolidated Balance Sheet (Millions) | Metric | June 30, 2024 (Millions) | December 31, 2023 (Millions) | | :-------------------------------- | :----------------------- | :-------------------------- | | Total current assets | $7,269 | $11,016 | | Equity investment in Adevinta | $— | $4,474 | | Equity investment in Aurelia | $1,910 | $— | | Total assets | $20,378 | $21,620 | | Total current liabilities | $5,799 | $4,520 | | Total liabilities | $14,853 | $15,224 | | Total stockholders' equity | $5,525 | $6,396 | [Condensed Consolidated Statement of Income](index=7&type=section&id=4.2%20Condensed%20Consolidated%20Statement%20of%20Income) For the three months ended June 30, 2024, eBay reported net revenues of **$2.57 billion** and a gross profit of **$1.84 billion**, with income from operations at **$549 million** and GAAP net income from continuing operations at **$226 million** Condensed Consolidated Statement of Income (Millions) | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | | :----------------------------------- | :----------------- | :----------------- | | Net revenues | $2,572 | $2,540 | | Cost of net revenues | $735 | $718 | | Gross profit | $1,837 | $1,822 | | Total operating expenses | $1,288 | $1,304 | | Income from operations | $549 | $518 | | Income from continuing operations | $226 | $172 | | Net income | $224 | $171 | | Diluted EPS (Continuing operations) | $0.45 | $0.32 | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=4.3%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash provided by operating activities for Q2 2024 was **$367 million**, with investing activities providing **$652 million** (boosted by **$2.42 billion** from Adevinta share sale), and financing activities using **$1.12 billion** Condensed Consolidated Statement of Cash Flows (Millions/Billions) | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | | :----------------------------------- | :----------------- | :----------------- | | Net cash provided by operating activities | $367 | $601 | | Net cash provided (used in) by investing activities | $652 | $(277) | | Proceeds from sale of shares in Adevinta | $2,417 | $— | | Net cash used in financing activities | $(1,119) | $(70) | | Repurchases of common stock | $(1,030) | $(250) | | Payments for dividends | $(135) | $(133) | | Cash, cash equivalents and restricted cash at end of period | $2,555 | $2,674 | [Supplemental Operating Data](index=9&type=section&id=Supplemental%20Operating%20Data) This section provides additional operating metrics, including a summary of net revenues and trends in active buyers and Gross Merchandise Volume (GMV) [Net Revenues Summary](index=9&type=section&id=5.1%20Net%20Revenues%20Summary) Total net revenues for Q2 2024 were **$2.57 billion**, a 1% year-over-year increase, with international revenue consistently accounting for approximately 50% of total net revenues Net Revenues Summary (Millions) | Metric | Q2 2024 (Millions) | Q1 2024 (Millions) | Q4 2023 (Millions) | Q3 2023 (Millions) | Q2 2023 (Millions) | | :-------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Total net revenues | $2,572 | $2,556 | $2,562 | $2,500 | $2,540 | | Current quarter vs prior year quarter | 1% | 2% | 2% | 5% | 5% | | Percent from international | 50% | 49% | 50% | 50% | 50% | [Active Buyers and Gross Merchandise Volume (GMV)](index=9&type=section&id=5.2%20Active%20Buyers%20and%20Gross%20Merchandise%20Volume%20%28GMV%29) Active buyers remained stable at **132 million** in Q2 2024, with total Gross Merchandise Volume (GMV) growing 1% year-over-year to **$18.42 billion**, driven by both U.S. and International segments Active Buyers (Millions) | Metric | Q2 2024 (Millions) | Q1 2024 (Millions) | Q4 2023 (Millions) | Q3 2023 (Millions) | Q2 2023 (Millions) | | :-------------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Active Buyers | 132 | 132 | 132 | 132 | 132 | | Current quarter vs prior year quarter | 0% | (1)% | (2)% | (3)% | (4)% | | Active Buyers (excl. GittiGidiyor, TCGplayer, Goldin) | 131 | 131 | 131 | 131 | 131 | | Current quarter vs prior year quarter | 0% | 0% | (1)% | (1)% | (3)% | Gross Merchandise Volume (Millions) | Metric | Q2 2024 (Millions) | Q1 2024 (Millions) | Q4 2023 (Millions) | Q3 2023 (Millions) | Q2 2023 (Millions) | | :-------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | :----------------- | | U.S. Gross Merchandise Volume | $8,798 | $8,974 | $8,891 | $8,638 | $8,702 | | Current quarter vs prior year quarter | 1% | 0% | 0% | (1)% | (3)% | | International Gross Merchandise Volume | $9,620 | $9,649 | $9,700 | $9,353 | $9,512 | | Current quarter vs prior year quarter | 1% | 3% | 4% | 4% | (1)% | | Total Gross Merchandise Volume | $18,418 | $18,623 | $18,591 | $17,991 | $18,214 | | Current quarter vs prior year quarter | 1% | 1% | 2% | 2% | (2)% | [Business Outlook](index=3&type=section&id=Business%20Outlook) This section provides eBay's financial guidance for the third quarter of 2024 and details regarding its latest dividend declaration [Third Quarter 2024 Guidance](index=3&type=section&id=6.1%20Third%20Quarter%202024%20Guidance) For Q3 2024, eBay projects net revenues between **$2.50 billion** and **$2.56 billion**, anticipating 1% to 3% FX-Neutral year-over-year growth, with diluted GAAP EPS of **$0.82** to **$0.87** and Non-GAAP EPS of **$1.15** to **$1.20** Q3 2024 Guidance | Metric | Q3 2024 Guidance | | :-------------------- | :--------------- | | Revenue | $2.50B - $2.56B | | FX-Neutral Y/Y Growth | 1% - 3% | | Diluted GAAP EPS | $0.82 - $0.87 | | Diluted Non-GAAP EPS | $1.15 - $1.20 | [Dividend Declaration](index=3&type=section&id=6.2%20Dividend%20Declaration) eBay's Board of Directors declared a cash dividend of **$0.27** per share of common stock, payable on September 13, 2024, to stockholders of record as of August 30, 2024 - Cash dividend of **$0.27 per share** of common stock declared[14](index=14&type=chunk) - Dividend payable on September 13, 2024, to stockholders of record as of August 30, 2024[14](index=14&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains eBay's use of non-GAAP financial measures and provides detailed reconciliations to their most directly comparable GAAP measures [Explanation of Non-GAAP Measures](index=4&type=section&id=7.1%20Explanation%20of%20Non-GAAP%20Measures) eBay uses non-GAAP financial measures to provide investors with a clearer understanding of its core operating results, excluding items not indicative of ongoing operational performance - Non-GAAP measures are used to supplement GAAP financial statements and provide enhanced understanding of current financial performance and future prospects[45](index=45&type=chunk)[48](index=48&type=chunk) - Excluded items from non-GAAP measures include stock-based compensation expense and related employer payroll taxes, amortization or impairment of acquired intangible assets, impairment of goodwill, certain amortization of deferred tax assets, significant gains or losses from business acquisitions/disposals, certain gains or losses on investments, restructuring charges, and changes in fair market value of warrants[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - Free cash flow is defined as operating cash flows less purchases of property and equipment, used as a liquidity measure[56](index=56&type=chunk) [GAAP to Non-GAAP Operating Income Reconciliation](index=12&type=section&id=7.2%20GAAP%20to%20Non-GAAP%20Operating%20Income%20Reconciliation) For Q2 2024, eBay's non-GAAP operating income was **$720 million**, resulting in a non-GAAP operating margin of 27.9%, achieved by adjusting GAAP operating income for specific non-cash and non-recurring items GAAP to Non-GAAP Operating Income Reconciliation (Millions) | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | | :------------------------------------------------ | :----------------- | :----------------- | | GAAP operating income | $549 | $518 | | Stock-based compensation expense and related employer payroll taxes | $158 | $158 | | Amortization of acquired intangible assets | $9 | $8 | | Restructuring | $3 | $— | | Total non-GAAP operating income adjustments | $171 | $166 | | Non-GAAP operating income | $720 | $684 | | GAAP operating margin | 21.3% | 20.4% | | Non-GAAP operating margin | 27.9% | 26.9% | [GAAP to Non-GAAP Net Income and Effective Tax Rate Reconciliation](index=13&type=section&id=7.3%20GAAP%20to%20Non-GAAP%20Net%20Income%20and%20Effective%20Tax%20Rate%20Reconciliation) eBay's non-GAAP net income from continuing operations for Q2 2024 was **$602 million**, leading to a non-GAAP diluted EPS of **$1.18** and a non-GAAP effective tax rate of 16.5% after various adjustments GAAP to Non-GAAP Net Income and Effective Tax Rate Reconciliation (Millions) | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | | :------------------------------------------------ | :----------------- | :----------------- | | GAAP net income from continuing operations | $226 | $172 | | Non-GAAP operating income adjustments | $171 | $166 | | Realized change in fair value of shares sold in Adevinta | $(84) | $— | | Change in fair market value of warrant | $174 | $(31) | | Change in fair market value of other equity investments | $23 | $35 | | Fair value of Aurelia option | $109 | $— | | Income tax effects and adjustments | $(17) | $3 | | Non-GAAP net income from continuing operations | $602 | $555 | | GAAP diluted net income per share | $0.45 | $0.32 | | Non-GAAP diluted net income per share | $1.18 | $1.03 | | GAAP effective tax rate – Continuing operations | 31.1% | 39.7% | | Non-GAAP effective tax rate – Continuing operations | 16.5% | 16.5% | [Operating Cash Flow to Free Cash Flow Reconciliation](index=14&type=section&id=7.4%20Operating%20Cash%20Flow%20to%20Free%20Cash%20Flow%20Reconciliation) For Q2 2024, eBay's free cash flow was **$278 million**, derived by subtracting **$89 million** in property and equipment purchases from **$367 million** in net cash provided by operating activities Operating Cash Flow to Free Cash Flow Reconciliation (Millions) | Metric | Q2 2024 (Millions) | Q2 2023 (Millions) | | :-------------------------------- | :----------------- | :----------------- | | Net cash provided by operating activities | $367 | $605 | | Less: Purchases of property and equipment | $(89) | $(113) | | Free cash flow | $278 | $492 | [Corporate Information and Disclosures](index=4&type=section&id=Corporate%20Information%20and%20Disclosures) This section provides essential corporate information about eBay, including its mission, forward-looking statements, risk factors, and investor/media contacts [About eBay](index=4&type=section&id=8.1%20About%20eBay) eBay Inc. is a global commerce leader founded in 1995, connecting millions of buyers and sellers across more than 190 markets worldwide, facilitating over **$73 billion** in gross merchandise volume in 2023 - eBay Inc. is a global commerce leader connecting millions of buyers and sellers in over 190 markets[18](index=18&type=chunk) - Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces[18](index=18&type=chunk) - In 2023, eBay enabled more than **$73 billion** of gross merchandise volume[18](index=18&type=chunk) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=8.2%20Forward-Looking%20Statements%20and%20Risk%20Factors) This press release contains forward-looking statements regarding eBay's future performance and strategic initiatives, which are subject to various risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements about eBay's future performance, financial results, strategic initiatives, and the effects of new product features or programs[21](index=21&type=chunk) - Actual results could differ materially due to risks and uncertainties, including fluctuations in results, ability to attract/retain users, market competition, foreign operations, inflationary pressure, foreign currency exchange rates, geopolitical events, technological developments, and regulatory changes[21](index=21&type=chunk)[22](index=22&type=chunk) - More information on risk factors is available in the company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q[24](index=24&type=chunk) [Investor and Media Contacts](index=5&type=section&id=8.3%20Investor%20and%20Media%20Contacts) Contact information for investor relations (John Egbert) and media relations (Karly Tokioka) is provided, along with links to eBay's company news and investor relations websites for further information - Investor Relations Contact: John Egbert (ir@ebay.com)[25](index=25&type=chunk) - Media Relations Contact: Karly Tokioka (press@ebay.com)[25](index=25&type=chunk) - Company News: https://www.ebayinc.com/stories/news/[25](index=25&type=chunk) - Investor Relations website: https://investors.ebayinc.com[25](index=25&type=chunk)

Revenue of $2.6 billion, up 1% on an as-reported basis and up 2% on an FX-Neutral basis Gross Merchandise Volume of $18.4 billion, up 1% on an as-reported and FX-Neutral basisGAAP and Non-GAAP earnings per diluted share of $0.45 and $1.18, respectivelyGAAP and Non-GAAP operating margin of 21.3% and 27.9%, respectivelyReturned $1.1 billion to stockholders in Q2, including $1.0 billion of share repurchases and $135 million paid in cash dividendsSAN JOSE, Calif., July 31, 2024 /PRNewswire/ -- eBay Inc. (Nasdaq ...

Financial Results - eBay Inc. is set to release its second quarter financial results on July 31, with analysts expecting earnings of $1.13 per share, an increase from $1.03 per share in the same period last year [1] - Revenue expectations for eBay are projected at $2.53 billion, slightly up from $2.51 billion a year ago [1] - eBay's shares increased by 1.5%, closing at $55.40 on the day prior to the announcement [1] Analyst Ratings - Wolfe Research analyst Deepak Mathivanan initiated coverage with a Peer Perform rating on July 16, achieving an accuracy rate of 80% [2] - JP Morgan analyst Doug Anmuth reinstated a Neutral rating with a price target of $60 on June 25, with an accuracy rate of 84% [2] - Benchmark analyst Daniel Kurnos reiterated a Buy rating with a price target of $58 on June 17, holding an accuracy rate of 73% [2] - Baird analyst Colin Sebastian maintained an Outperform rating and raised the price target from $57 to $58 on June 17, with an accuracy rate of 77% [2] - Truist Securities analyst Youssef Squali maintained a Hold rating and increased the price target from $48 to $50 on May 6, achieving an accuracy rate of 80% [2]

A general view of the eBay logo is being seen during the Chinajoy games fair in Shanghai, China, on ... [+] July 26, 2024. (Photo by Ying Tang/NurPhoto via Getty Images)NurPhoto via Getty ImageseBay (NASDAQ: EBAY) stock gained 26% YTD as compared to a 13% rise in the S&P500 index. Notably, eBay’s peer Amazon (NASDAQ: AMZN) is up 20% YTD. Overall, eBay is scheduled to report its fiscal Q2 2024 results on Wednesday, July 31. We expect the stock to top the consensus estimates of revenues and earnings. The comp ...

Core Insights - eBay is expected to report quarterly earnings of $1.13 per share, reflecting a year-over-year increase of 9.7% [1] - Revenue is anticipated to be $2.53 billion, which is a decrease of 0.5% compared to the same quarter last year [1] - There has been a 0.6% upward revision in the consensus EPS estimate over the last 30 days, indicating analysts' reassessment of their forecasts [1] Financial Metrics - Analysts forecast 'Active Buyers' to reach 132.04 million, slightly up from 132 million year-over-year [2] - 'Gross merchandise volume (GMV)' is expected to be $18.07 billion, down from $18.21 billion year-over-year [2] - 'Gross merchandise volume - International' is projected to be $9.38 billion, compared to $9.51 billion from the previous year [2] - 'Gross merchandise volume - US' is estimated to reach $8.68 billion, slightly down from $8.70 billion year-over-year [3] Stock Performance - Over the past month, eBay shares have returned +0.9%, while the Zacks S&P 500 composite has seen a -0.2% change [3] - eBay currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [3]

eBay (EBAY) partnered with Liberis to roll out Business Cash Advance, a new financing product which is available on the latter’s embedded finance platform.The product offers flexible funding of up to $1 million in working capital, specifically tailored for small to medium-sized businesses.It also provides a seamless online application process, extensive financing options, fast access to capital, flexible payment schedules, and transparent reporting on the eBay Seller Hub, allowing sellers to track payment p ...