Q3 2025 Performance Highlights - eBay's Gross Merchandise Volume (GMV) reached $20.1 billion [7], exceeding guidance of $19.2 - $19.6 billion [43]. - Revenue for Q3 2025 was $2.8 billion [7], surpassing the guided range of $2.69 - $2.74 billion [43]. - Non-GAAP operating margin stood at 27.1% [7], hitting the high end of the guidance [43]. - Diluted Non-GAAP EPS was $1.36 [7], above the guidance of $1.29 - $1.34 [43]. - eBay has 16 million Enthusiast Buyers [7], defined as buyers with at least 6 purchase days and $800+ annual spend [9]. Category Growth & Strategic Initiatives - Focus Categories (Collectibles, Motors Parts & Accessories, Fashion) grew +15% year-over-year on an FX-Neutral basis [12], outpacing the rest of the marketplace by approximately 11 percentage points [12]. - eBay Live's annual GMV run-rate increased by approximately 5x year-over-year [14]. - Over $1 billion has been disbursed to sellers globally through financing partners since 2021 via Seller Capital [37]. Q4 2025 Guidance - GMV is projected to be between $20.5 - $20.9 billion [72], representing a 6%-8% spot growth [72]. - Revenue is expected to be in the range of $2.83 - $2.89 billion [72], indicating a 10%-12% spot growth [72]. - Non-GAAP operating margin is guided to be 25.8% - 26.3% [72]. - Diluted Non-GAAP EPS is projected to be $1.31 - $1.36 [72], reflecting a 5%-9% growth [72]. FY 2025 Guidance - GMV is expected to be $78.9 - $79.3 billion [73], with a 6% - 6% spot growth [73]. - Revenue is projected to be $10.97 - $11.03 billion [73], showing a 7% - 7% spot growth [73]. - Non-GAAP operating margin is guided to be 27.7% - 27.8% [73]. - Diluted Non-GAAP EPS is expected to be $5.42 - $5.47 [73], representing an 11% - 12% growth [73]. - The company anticipates approximately $1.5 billion in Free Cash Flow (FCF) in FY'25 [73].

Despite the earnings beat, the company's shares experienced a decline, suggesting investor concerns about slowing growth momentum for the upcoming quarter. ...

The online marketplace posted a profit of $632 million, boosted by a 10% bump in merchandise volume. ...

Group 1 - E-commerce firm eBay forecasts annual revenue above Wall Street estimates, indicating strong demand for products such as collector's items and refurbished goods [1]

Core Viewpoint - E-commerce firm eBay has forecasted lower-than-expected profits for the upcoming holiday quarter due to ongoing macroeconomic uncertainties, leading to an 8.5% drop in its shares after the announcement [1]. Group 1: Financial Performance - eBay reported third-quarter revenue of $2.82 billion and adjusted profit of $1.36 per share, both exceeding Wall Street estimates of $2.73 billion and $1.33 per share respectively [3]. - For the fourth quarter, eBay forecasts adjusted earnings between $1.31 and $1.36 per share, which is below analysts' average estimate of $1.39 per share, while revenue is expected to be between $2.83 billion and $2.89 billion, above the estimate of $2.79 billion [5]. Group 2: Macroeconomic Challenges - The company continues to face macroeconomic challenges across international markets, with increased headwinds for cross-border trade into the U.S. [2]. - The U.S. has ended de minimis tariff exemptions for parcel imports, impacting online marketplaces like eBay, particularly affecting sellers in Japan and Canada [4][5]. - Concerns over rising prices for imported goods and changes in customs requirements have negatively impacted consumer confidence [1]. Group 3: Market Trends - There has been a deceleration in year-over-year volume growth starting in September in key markets importing into the U.S. following the removal of the de minimis exemption [3]. - An increase in demand for bullion and collectible coins has been observed, attributed to rising commodity prices for precious metals, although this trend may not be sustainable [4].

Exhibit 99.1 eBay Inc. Reports Third Quarter 2025 Results San Jose, California, October 29, 2025 – eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today reported financial results for its third quarter ended September 30, 2025. "Q3 was another strong quarter for eBay, reflecting continued momentum across our marketplace and disciplined execution of our strategy," said Jamie Iannone, Chief Executive Officer of eBay. "We're transforming the eBa ...

Core Insights - eBay reported strong financial results for Q3 2025, with net revenues of $2.82 billion, reflecting a 9% increase year-over-year [4][5] - The company is focusing on transforming the eBay experience through AI and enhancing engagement with users, positioning itself for sustainable growth [2][6] Financial Highlights - Net revenues for Q3 2025 were $2,820 million, up from $2,576 million in Q3 2024, marking a 9% increase [4] - GAAP net income was $597 million, down 6% from $636 million in the previous year, with earnings per diluted share at $1.28 [4][5] - Non-GAAP net income increased by 8% to $636 million, with earnings per diluted share rising 14% to $1.36 [4][5] Operational Performance - Gross Merchandise Volume (GMV) reached $20.1 billion, a 10% increase year-over-year [5][6] - The company generated $934 million in operating cash flow and $803 million in free cash flow during the quarter [7][19] Shareholder Returns - eBay returned $757 million to shareholders in Q3 2025, including $625 million in share repurchases and $132 million in cash dividends [5][19] - The company declared a cash dividend of $0.29 per share for Q4 2025, payable on December 12, 2025 [11] Business Outlook - For Q4 2025, eBay expects revenue between $2.83 billion and $2.89 billion, with FX-Neutral year-over-year growth projected at 8% to 10% [10][29] - Full-year 2025 guidance includes revenue of $10.97 billion to $11.03 billion and diluted GAAP EPS of $4.09 to $4.14 [10][29] Strategic Initiatives - eBay launched new features to enhance the selling experience, including AI-powered messaging support and expanded seller protections [6] - The company closed its acquisition of Tise, a C2C social marketplace, to strengthen its connection with Gen Z and Millennial shoppers [6]

Group 1 - E-commerce is divided into large-scale platforms like eBay and niche marketplaces like Etsy, with differing growth and valuations indicating potential investment opportunities [2] - ETSY has a lower valuation (P/OpInc) compared to eBay, yet demonstrates higher growth in revenue and operating income, suggesting that ETSY stock may be a more attractive investment than EBAY stock [3] - The analysis emphasizes the importance of a multi-faceted approach to investment, highlighting that a High Quality portfolio has outperformed the S&P with over 105% returns since inception [4]

Stifel将eBay的目标价从75美元上调至89美元，维持"持有"评级。(格隆汇) ...

Analyst Ratings & Price Target Changes - Intel saw multiple firms raise price targets after Q3 earnings beat, with Benchmark setting a high target of $50 per share [2] - Deckers Outdoor experienced price target cuts from Raymond James and Telsey Advisory Group due to weak 2026 sales forecast [3] - Citizens upgraded eBay to outperform, citing improved consumer experience in key categories [4] - Steeple raised eBay's price target to $89, just below the average 12-month target of roughly $92 [5] - Bank of America upgraded Zion's Bank Corp to neutral, raising its price target to $62 per share, seeing room for a rebound [8][9] - UBS cut Madna's price target to $40 from $70 after a failed vaccine trial, but maintains a buy rating [9] - Wedbush trimmed Netflix's price target to $1400 from $1500, but maintained outperform rating, implying roughly 13% upside [12] - Morgan Stanley upgraded 3M to equal weight, raising its price target to $160 from $130 [13][14] - Wedbush raised Snowflake's price target to $270 from $250, anticipating growth from AI use cases [21] - Goldman Sachs upgraded Darden Restaurants to buy, citing improved value proposition and less exposure to lower-income consumers [22] Company Specific Insights - Morgan Stanley maintains outperform rating on Tesla with a $410 price target, highlighting robo taxi potential and calling Tesla a "forgotten AI stock" [7] - Bank of America expects Meta's Q3 sales of $50 billion and earnings of $730% a share, driven by AI-powered ad engine [16] - UBS is staying neutral on Starbucks, trimming its price target to $94 a share, expecting flat US theme store sales and operating margins around 10% [17][18] - City added Reddit to its positive 90-day catalyst watch, raising its price target to $250 from $220, expecting third quarter earnings to come in significantly above expectations [19] - BNB Paraba upgraded Lululemon to neutral, noting the stock is down more than 50% year to date and negative catalysts are less clear [20]