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]

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]

Exhibit 99.1 eBay Inc. Reports First Quarter 2025 Results San Jose, California, April 30, 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 first quarter ended March 31, 2025. "eBay's first quarter results were ahead of expectations, as we delivered our fourth consecutive quarter of positive GMV growth," said Jamie Iannone, Chief Executive Officer at eBay. "Our Focus Categories and geo-specific in ...

Core Points - eBay announced the departure of Chief Financial Officer Steve Priest, effective May 11, 2025, with Peggy Alford set to take over as CFO on May 12, 2025 [1][2] - Steve Priest will remain in an advisory role until July 31, 2025, to ensure a smooth transition [1][2] - Peggy Alford brings over 20 years of experience in finance and operations within the technology sector, and is expected to enhance eBay's leadership team [3] Leadership Changes - eBay is evolving its leadership structure to promote faster innovation and deeper collaboration across teams [4][6] - Jordan Sweetnam will lead the newly combined Global Markets and Product organization as Chief Commercial Officer, while Mazen Rawashdeh will head the unified engineering organization as Chief Technology Officer [5] - Eddie Garcia, Chief Product Officer, will be leaving eBay as part of these leadership changes [6] Strategic Focus - The company aims to enhance speed, alignment, and customer-centricity by integrating product and market teams into a more agile structure [4] - eBay's leadership evolution is positioned to drive long-term growth and deliver greater impact for buyers and sellers [6] - The changes are intended to accelerate innovation with new technologies, including artificial intelligence [6] Company Overview - eBay is a global commerce leader that connects millions of buyers and sellers, enabling $75 billion of gross merchandise volume in 2024 [7] - Founded in 1995, eBay operates in over 190 markets worldwide, providing opportunities for economic growth [7]

Revenue of $2.6 billion, up 1% on an as-reported basis and up 2% on an FX-Neutral basis Gross Merchandise Volume ("GMV") of $18.8 billion, up 1% on an as-reported basis and up 2% on an FX-Neutral basis GAAP and Non-GAAP earnings per diluted share of $1.06 and $1.38, respectively GAAP and Non-GAAP operating margins of 23.8% and 29.8%, respectively Returned $759 million to stockholders in Q1, including $625 million of share repurchases and $134 million paid in cash dividendsSAN JOSE, Calif., April 30, 2025 ...

Core Viewpoint - eBay is set to report its first-quarter 2025 results on April 30, with expectations of total revenues between $2.52 billion and $2.56 billion, and diluted non-GAAP earnings per share between $1.32 and $1.36 [1][2]. Revenue Expectations - The Zacks Consensus Estimate for revenues is currently at $2.55 billion, reflecting a 0.35% decrease from the previous year's quarter [2]. - The consensus for earnings has remained at $1.34 per share, indicating a 7.20% increase from the year-ago quarter's $1.25 [3]. Performance Insights - eBay has consistently surpassed the Zacks Consensus Estimate for earnings in the last four quarters, with an average positive surprise of 3.40% [3]. Factors Influencing Performance - eBay is expected to benefit from momentum in Focus Categories, particularly Motors Parts & Accessories, Trading Cards, and Refurbished goods [4]. - Strategic enhancements, such as the expansion of managed shipping in the UK and the use of AI-driven tools, are likely to support gross market value (GMV) trends and modest revenue growth [4]. Monetization and Cost Considerations - The introduction of buyer protection fees for UK C2C transactions and improvements in the managed shipping program are anticipated to contribute to monetization, although these initiatives were only partially implemented [5]. - Operating margins are guided between 29% and 29.4%, but margin expansion may be constrained by increased depreciation expenses and costs related to mergers and acquisitions [7]. Market Conditions - eBay's revenue performance may be impacted by slower consumer demand in key international markets, particularly in the UK and Germany, where macroeconomic softness is evident [8]. - While the U.S. market shows more resilience, international weaknesses could offset gains from Focus Categories and advertising [8].

Core Viewpoint - eBay is expected to report quarterly earnings of $1.34 per share, reflecting a year-over-year increase of 7.2%, while revenues are anticipated to decline by 0.4% to $2.55 billion [1] Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been adjusted downward by 2.1%, indicating a reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong relationship between earnings estimate revisions and short-term stock price performance [3] Key Metrics - Analysts forecast Gross Merchandise Volume (GMV) to reach $18.54 billion, down from $18.62 billion year-over-year [5] - Active Buyers are expected to total 134.14 million, an increase from 132 million in the same quarter last year [5] - Gross Merchandise Volume - International is projected at $9.68 billion, slightly up from $9.65 billion year-over-year [5] - Gross Merchandise Volume - US is expected to be $8.85 billion, down from $8.97 billion in the same quarter last year [6] - Total transaction take rate is anticipated to be 13.8%, a slight increase from 13.7% in the same quarter last year [6] Stock Performance - eBay shares have changed by +1% in the past month, contrasting with a -4.3% move of the Zacks S&P 500 composite [7] - eBay holds a Zacks Rank 3 (Hold), suggesting it is expected to mirror overall market performance in the near future [7]

周五，美国股市基本表现平淡，市场参与者继续等待更多关于关税战的信息。在美国总统特朗普表示，如果一年内对外进口关税达到50%，他将视为"彻底 胜利"后，市场情绪仍有些不安。 不过，市场整体情绪依然谨慎，因为经济前景恶化，关税也损害企业盈利。标普500指数仍低于4月2日"解放日"前的水平，且较其2月的创纪录收盘价下跌超 过10%。 随着本周初围绕美联储独立性以及持续的贸易摩擦的担忧消散，本周可以被视为积极的一周。美国总统特朗普和财长贝森特缓和了言论，显示他们正在考虑 尽快与中国达成协议。 双方的言论在恢复市场信心方面发挥了重要作用，这使得市场情绪出现了显著转变。风险资产在本周大部分时间里稳步上涨，而避险资产则受挫。 | 04/28 | 本周关注 | | --- | --- | | | 英国4月CBI零售销售差值 | | 周一 | 美国4月达拉斯联储商业活动指数 | | | 加拿大举行联邦选举 | | | 德国5月Gfk消费者信心指数 | | | 欧元区4月工业、经济景气指数 | | | 美国2月FHFA房价指数月率 | | 周二 | 美国2月S&P/CS20座大城市未季调房价指数年率 | | | 美国3月JOLT ...

Group 1 - eBay has expanded its partnership with Klarna to offer buy now, pay later (BNPL) options to American consumers, allowing them to split eligible purchases into four interest-free payments or choose longer-term financing [1][2] - Klarna's BNPL services have already been available to eBay shoppers in several European countries, and the company has introduced a resale feature in its app that simplifies the process of listing previously purchased items on eBay [2][3] - Since December 2024, Klarna's resale feature has generated over 500,000 new eBay listings, including refurbished electronics and preowned fashion items [3] Group 2 - Klarna has a significant presence in brick-and-mortar retail, with a recent partnership with Clover enabling installment payments at over 100,000 stores [3] - eBay is also expanding its payment acceptance through a partnership with Checkout.com and has added Venmo as a checkout option for U.S. customers [4] - The consumer popularity of BNPL continues to grow, with 38% of American consumers using BNPL as of late 2024, and BNPL transactions in the U.S. valued at $175 billion [5][6]

Core Insights - Alibaba Group has announced a significant expansion of its strategic partnership with BMW in China, integrating its Qwen large language model into BMW's next-generation vehicles, marking a pivotal development in AI-driven growth strategy [1] - The partnership aims to enhance intelligent human-vehicle interaction and deliver an empathetic AI companion with advanced capabilities [2][3] - Alibaba's strong financial performance supports its AI ambitions, with notable revenue growth and successful monetization of AI technology [5][6] Strategic Partnership - The partnership will see BMW's Intelligent Personal Assistant incorporate Alibaba's AI technology through Banma, debuting in vehicles produced in China starting from 2026 [2] - This collaboration builds on an existing relationship that began in 2015, focusing on cloud computing, smart manufacturing, and intelligent networking [4] Financial Performance - In the December quarter of 2024, Alibaba reported revenues of RMB280.2 billion ($38.4 billion), an 8% year-over-year increase, with the cloud segment showing 13% revenue growth [5] - AI-related product revenues have maintained triple-digit growth for six consecutive quarters, with adjusted EBITA increasing 4% to RMB54.9 billion ($7.5 billion) [6] Investment Strategy - Alibaba's management has committed to investing more in cloud and AI infrastructure over the next three years than in the past decade combined, positioning the company at the forefront of the AI revolution in Asia [8] - The company has repurchased $1.3 billion worth of shares in the December quarter, contributing to a 5% net reduction in share count over nine months [9] Market Position - Despite Alibaba's strong e-commerce position in China, it faces competition from global players like Amazon and eBay, as well as challenges in the global cloud market from Amazon, Microsoft, and Google [10] - The expanded partnership with BMW exemplifies Alibaba's successful AI commercialization strategy, presenting a compelling investment opportunity [11] Future Outlook - As Alibaba continues to execute its "user first, AI-driven" strategy while maintaining financial discipline, it presents an opportunity for investors seeking exposure to a leader in e-commerce and AI innovation in the world's second-largest economy [12]