Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew 8% to $20.1 billion, with revenue increasing over 8% to $2.82 billion, and non-GAAP earnings per share rising over 14% year-over-year to $1.36 [4][27] - Non-GAAP operating income grew 9% year-over-year to $764 million, with a non-GAAP gross margin of 71.6% and a non-GAAP operating margin of 27.1% [27][31] - Free cash flow reached $803 million, with cash and non-equity investments totaling $5.3 billion and gross debt at $6.8 billion [32] Business Line Data and Key Metrics Changes - Focus categories GMV growth accelerated to over 15%, with collectibles being the largest contributor, particularly in collectible card games and sports trading cards [4][5] - Motors Parts and Accessories (P&A) contributed significantly to GMV growth, with over 750 million live listings [7][8] - Fashion categories, including luxury and pre-loved apparel, also drove GMV growth, supported by partnerships like the one with Marks & Spencer [8][9] Market Data and Key Metrics Changes - U.S. market GMV growth accelerated to nearly 13%, while international GMV grew nearly 4% on an FX-neutral basis [28][29] - The UK C2C initiative saw notable improvements in customer satisfaction and GMV growth, with the introduction of managed shipping [12][29] - The removal of the de minimis exemption for imports under $800 created challenges for cross-border trade into the U.S. [22][23] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance the selling experience and improve buyer engagement through features like Magical Listing and AI Shopping Agent [15][16] - Expansion of eBay Live into new markets is seen as a strategic growth vector, with significant momentum in the U.S. and UK [10][11] - The acquisition of TIES aims to strengthen the company's position in the circular economy and enhance its presence in the Nordics [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of growth trends, despite facing macroeconomic challenges and changes in trade policy [4][28] - The company anticipates continued growth in focus categories and is investing in strategic initiatives to drive long-term growth [25][41] - For Q4, GMV is expected to be between $20.5 and $20.9 billion, with revenue guidance between $2.83 and $2.89 billion [33][34] Other Important Information - The company returned approximately $760 million to shareholders through repurchases and cash dividends [27] - The advertising revenue grew nearly 23%, with first-party ads contributing significantly to this growth [20][30] - The company plans to repurchase approximately $2.5 billion of shares for the full year [39] Q&A Session Summary Question: Insights on AI's impact on eBay's business - Management highlighted AI's potential to unlock supply for consumers and enhance user experience through improved recommendations and search capabilities [44][45] Question: Margins and investment strategies - Management discussed balancing long-term growth with margin flow-through, noting increased product development expenses aimed at strategic initiatives [48][49] Question: Sustainability of growth in trading cards - Management expressed confidence in the long-term growth of trading cards, driven by trust and innovation, while acknowledging that growth may not be linear [64][66]