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Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

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<p>Reselling keeps clothes and other items out of landfills—and eBay is a dominant hub for it. “Re-commerce” now accounts for about 40% of the value of goods sold on the site, or about $7.4 billion in Q1 of 2024.</p>

Change the World

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F500-2021-276-Ebay

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eBay runs online marketplaces that connect buyers and sellers in the United States, the United Kingdom, and other international markets. Its platforms enable users to list, sell, and buy a wide range of physical merchandise, both new and used. eBay, which was founded in 1995, has experienced active user number declines in recent years but still maintains strong historical strengths in “focus categories” such as trading cards and automobile parts.

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Ebay (EBAY): Company Profile, Stock Price, News, Rankings

legacy

Ebay

ebay

Good day, everyone. My name is Leila, and I will be your conference operator today. At this time, I would like to welcome you to the eBay First Quarter twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.

If you would like to ask a question during this time and if you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application. At this time, I would like to turn the call over to your speaker.

Good afternoon. Thank you all for joining us for eBay's first quarter twenty twenty five earnings conference call. Joining me today on the call are Jamie Iannoni, our Chief Executive Officer and Steve Priest, our Chief Financial Officer. We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com. Before we begin, I'll remind you that during this conference call, we will discuss certain non GAAP measures related to our performance.

You can find a reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. Additionally, all growth rates noted in our prepared remarks will reflect organic FX neutral year over year comparisons, and all earnings per share amounts reflect earnings per diluted share unless indicated otherwise. During this conference call, management will make forward looking statements, including, without limitation, statements regarding our future performance and expected financial results. These forward looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from our forecasts for a variety of reasons.

You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10 ks, Form 10 Q, and our earnings release from earlier today. You should not rely on any forward looking statements. All information in this presentation is as of 04/30/2025. We do not intend and undertake no duty to update this information. With that, I'll turn the call over to Jamie.

Thanks, John. Good afternoon and thank you all for joining us today. We started off 2025 on a strong note as our Q1 results came in ahead of expectations across all key financial metrics despite a dynamic operating environment. Our gross merchandise volume grew by nearly 2% to approximately $18,800,000,000 marking our fourth consecutive quarter of positive GMV growth. Revenue increased over 1% to 2,580,000,000 Non GAAP earnings per share grew by 10% to $1.38 And we returned approximately $760,000,000 of capital to shareholders through repurchases and cash dividends.

Before I discuss our Q1 results in greater detail, I'd like to acknowledge the significant developments around cross border trade since we last spoke with you. Tariffs and changes to certain custom requirements in The U. S. Have created significant uncertainty for small businesses, while concerns over escalating prices for imported goods have weighed on consumer confidence. As more of these new trade policies are implemented, we are focused on helping sellers and buyers navigate these changes with as little disruption as possible.

Our Speedpack shipping program manages much of the complexity of international shipping for CBT sellers across several of our largest corridors while ensuring compliance with customs regulations in both origin and destination countries. Items shipped through Speedpack also have tariff duties included in the total price at checkout creating greater transparency for buyers. For non Speedpack purchases, we are managing expectations for buyers by educating them on the new costs, information requirements, and potential delays associated with international shipments. This includes messaging on the view item and checkout pages on eBay as well as localized information pages with up to date guidance amid rapidly changing policy. While our business is not immune to increased costs and friction associated with tariffs, our dynamic global supply and demand is an advantage in this environment.

Our extensive selection of pre loved and non new and seasoned goods across a variety of categories can also help mitigate the pressure on consumers' discretionary budgets during periods of rising costs. Now let's turn to the key drivers of our Q1 results. Focus category GMV grew by over six percent in Q1 and now makes up more than one third of our total volume globally. Collectibles was the largest contributor to growth for the second straight quarter as year over year GMV growth in trading cards accelerated for the ninth straight quarter. This growth was supported by continued innovation on behalf of trading card hobbyists building on what we believe is the industry's leading value proposition.

Our strategic partnership with Collectors and its subsidiary PSA continues to yield benefits for our marketplace. The PSA storefront on eBay has already sold more than half a million trading cards since PSA launched a seamless integration enabling its customers to consign cards on eBay in Q3 of last year. In January, we incorporated PSA data directly into the item page for graded trading cards, enabling potential buyers to see the full population of cards at each grade level, allowing them to more easily evaluate their rarity. This delivered on a key request from hobbyists and feedback to this change has been extremely positive. At the March, we launched an entirely new capability for buyers looking to purchase trading cards on eBay and have them ship directly to PSA for grading.

This saves the buyer time and effort spent on submitting grading paperwork themselves and reduces costs as one shipping leg is eliminated. Grading services from trusted third parties like PSA are a key use case for trading card enthusiasts as grading helps them maximize the value of their collections. Our fashion category generates more than $10,000,000,000 of GMV for eBay annually. Over the past year, we've significantly improved the customer experience for luxury fashion, pre loved apparel, and streetwear enthusiasts. We launched AI powered shopping experiences like Explore and Shop the Look.

We expanded our inventory coverage for Authenticity Guarantee and tapped into new sources of supply in international markets. And we continue to drive consideration of eBay in fashion and reinforce our value proposition of trust and selection through full funnel marketing, including earned media reach through our cast of eBay influencers and partnership with Conde Nast. In Q1, we launched U. S. Pre loved apparel as a new focus category on eBay as we made significant improvements for sellers and buyers in this category.

We continue to increase trust by introducing enhanced condition grading standards for apparel during Q1. We recently launched a new AI powered discovery experience for fashion shoppers in The US and UK, which offers a more immersive and engaging browsing experience. We replaced static browse pages with endless feeds organized by theme or subcategory with dynamic visuals and interactive elements. These feeds progressively load content as users scroll down the page and are flexible in accommodating varying content formats such as autoplay video, curated compositions, eBay live events, promotions, and relevant eBay storefronts. Throughout 2025, you'll see more innovation in fashion as we work towards solidifying our platform as the trusted destination for pre loved branded fashion products, where customers can truly shop head to toe across a breadth of brands and price points.

Our geo specific initiatives are another key building block for growth in 2025, most notably our consumer to consumer initiative in The U. K. As a reminder, in Q4, we introduced a suite of new capabilities to upgrade The U. K. C2C experience, including significantly reducing friction to stimulate consumer selling.

This initiative has materially improved our C2C GMV trends versus our prelaunch baseline and has outperformed our internal expectations to date. We reached a major milestone in Q1 with the introduction of our U. K. Buyer protection fee in February, which significantly narrowed the initial monetization gap. After introducing buyer facing fees in The U.

K, C2C GMV growth and other KPIs have remained significantly higher than their prelaunch baselines. We continue to ramp our managed shipping offering in The UK, which dramatically simplifies shipping for C2C sellers while reducing costs and improving trust for buyers. In Q1, we enabled sellers to offer free shipping and added the flexibility for them to select carrier preferences. In Q2, we plan to add pickup and drop off capabilities that are very popular among UK consumers as well as support for larger bulkier items. In recent weeks, we began to gradually mandate adoption of managed shipping in The UK, starting with new and occasional C2C sellers.

At full scale, we expect managed shipping to close the remainder of the monetization gap in C2C, drive significant value for customers, and create a new source of revenue and operating income for eBay. Our teams continue to leverage artificial intelligence to make our marketplace more efficient and intuitive. At the end of Q1, we rolled out a simplified AI powered listing flow to all C2C sellers in The U. S, U. K, and Germany, which integrates our magical listing technology and product knowledge graph.

Sellers now start their listing with photos and a title, and we leverage generative AI to identify the exact product in our catalog or fill in relevant item aspects wherever possible, including the description. This listing flow also includes a more intuitive step by step process to review product details, pricing, and shipping information before finalizing the listing. This new listing tool is resonating well with sellers as customer satisfaction rates are 90% or higher across each market, and it's also having a positive impact on our business. We've observed significant increases in completion rates and new and reactivated listers while meaningfully reducing the average time spent on listing. We've also seen measurable increases in sold items and GMV per listing attempter.

Our Magical Bulk Listing tool also continues to drive powerful results for B2C sellers after launching in The U. S. For all categories. This tool has more than halved the average listing time versus our previous bulk listing tool, giving sellers more time to run their businesses. Magical bulk listing has already emerged as the most commonly used tool for listing sports trading cards, contributing to a significant increase in the average weekly listings in that category.

In February, we expanded this tool to B2C sellers in The U. K. And Germany and have seen similar improvements in average listing times. We're focused on making listing on eBay as simple and as easy as possible because we believe it will unlock a significantly larger total addressable market in e commerce. Advancements like magical listing have demonstrated significant progress toward that goal, and we will continue to invest in making listing even more seamless in the quarters ahead.

Turning next to advertising. In Q1, our first party advertising revenue grew 14%. Active Promoted Listings increased sequentially and made up over 1,100,000,000 of the more than 2,300,000,000 total listings on eBay at the end of Q1. Over 3,700,000 sellers adopted a single Promoted Listing product during Q1. Our first party ad revenue growth remained broad based during Q1.

Promoted Listings general ads were the largest contributor to year over year growth as we launched several optimization to make ads on the View Item page more personalized and relevant driving increased engagement. Promoted off-site ads continue to gain adoption. And during Q1, we launched several improvements like automated image optimization technology to maximize impressions for a seller's listings. Promoted Listings Priority Ads also contributed to growth as we increased coverage of cost per click units across more of our existing ad services. Within payments and financial services, we continue to focus on adding new forms of payment on eBay to expand buyer choice, improve conversion, and optimize our payments mix.

In April, we expanded our partnership with Klarna to offer buy now, pay later solutions to our U. S. Customers. We're seeing encouraging early results with average order values on U. S.

Client transactions more than three times the market average. In The U. K, adoption of eBay Balance continues to ramp among C2C customers and has already captured a low single digit share of wallet for U. K. GMV overall.

In addition to carrying zero cost of payments, eBay Balance is driving incremental purchase behavior as it encourages sellers to spend more of their earnings on eBay. We also recently announced the addition of Checkout.com as a new payments partner. Additional acquiring partners make our payments platform more resilient and enable us to optimize our authorization rates. And importantly, they strengthen our ability to deliver fast, reliable, and frictionless payment experiences to our 134,000,000 customers globally. In closing, in Q1 we delivered our fourth consecutive quarter of positive GMV growth amid ongoing uncertainty in the global economy.

Our strategy is working and has put us on a path towards sustainable long term growth. Today, we also announced some changes to our leadership team. This will be Steve's last earnings call with eBay. I want to personally thank Steve, as he has been an exceptional partner during a period of significant transformation. His leadership helped guide us through the uncertainty of the pandemic and laid the foundation for the strength and resilience we see in the business today.

I am deeply grateful for his contributions and wish him the best. As Steve transitions, we're excited to welcome Peggy Alford as eBay's incoming CFO on May 12. Peggy brings more than twenty years of experience leading finance, operations and global teams in the technology sector. Peggy has a proven track record of building strong organizations and driving operational excellence. Her leadership and expertise will be tremendous assets as we continue to position eBay for the future.

In addition to the CFO change, eBay is evolving its leadership structure designed to fuel faster innovation, deepen cross functional collaboration, and position the company for long term growth in a rapidly evolving digital and AI powered landscape. We are bringing together product and market teams into a more integrated agile structure designed to enhance speed, alignment, and customer centricity across the organization. This new organization will be led by Jordan Sweetnam, Chief Commercial Officer. We are also consolidating engineering into a single organization reflecting a broader ambition to operate with greater speed and drive operational scale. This new combined engineering and technology organization will be led by Mazin Rawashde, our Chief Technology Officer.

I want to congratulate both Jordan and Mazin on their expanded roles. As part of this evolution, Eddie Garcia, Chief Product Officer, will be leaving eBay. I am deeply grateful to Eddie for his outstanding partnership and visionary leadership in shaping our product strategy, which has significantly advanced eBay's offerings and customer experience. He has built a world class team, and his legacy positions us well for future success. Before passing to Steve, I want to reiterate my gratitude for his leadership and contributions over the last four years.

Thank you, Jamie. It's been a privilege to serve as eBay's CFO. I'm proud of what we've accomplished. I'm incredibly optimistic about eBay's future prospects. I look forward to ensuring a successful transition with Peggy over the coming weeks.

Now turning to our Q1 results. In the first quarter, we exceeded expectations across our key financial metrics. GMV grew nearly 2% to $18,800,000,000 Revenue grew over 1% to $2,580,000,000 We delivered non GAAP operating income of $771,000,000 and grew non GAAP earnings per share by 10% to $1.38 In addition, we returned approximately $760,000,000 to shareholders through repurchasing cash dividends. Let's take a closer look at our financial performance during the first quarter. Gross merchandise volume grew nearly 2% to $18,800,000,000 on an organic FX neutral basis.

We continue to navigate an uneven demand environment with shopping activity more muted in February and improving in March. Golden added roughly 30 basis points to total FX neutral volume growth in the quarter, while foreign exchange was nearly 130 basis points of headwind to spot GMV growth. Our growth rates in Q1 also include a net headwind of 50 basis points due to lapping the extra leap day in 2024, partly offset by the timing of Easter. Focus categories were a key driver of GMV, growing over 6% in the quarter with positive growth contributions across trading cards, motors, parts and accessories, luxury goods, refurbished and apparel. Moving on to our geographic performance.

U. S. GMV grew nearly zero five point in the first quarter, driven by focus categories, in particular, our trading cards business. As a reminder, we report GMV based on the location of the seller. If we were to look at volume based on the location of the buyer, U.

S. Growth was slightly higher than our international markets in aggregate. International GMV grew nearly 3% on an FX neutral basis in the quarter, while FX was nearly two fifty basis points of headwind to spot growth. The macro environment in our international markets has been weaker than The U. S, particularly in Germany and The UK.

However, the investments we made in C2C in both markets over the last two years have improved our growth trajectories compared to the prior baseline and help mitigate these market wide headwinds. Shifting to our biometrics. Our trailing twelve month active buyers grew over 1% to 134,000,000 in the first quarter. Enthusiast buyers were roughly $16,000,000 and spend per enthusiast buyer grew slightly year over year and remained at over $3,100 Next, I will discuss our revenue and take rate. We reported Q1 revenue of $2,580,000,000 on an organic FX neutral basis, representing over 1% growth and an acceleration from Q4.

Foreign exchange was a nearly 50 basis point headwind to spot growth. Our take rate was roughly 13.8%, increasing nearly 10 basis points year over year. Our UK C2C initiative pressured overall take rate by approximately 30 basis points in Q1, which was offset by advertising and financial services contributions and an FX tailwind of 10 basis points. Total advertising revenue was $442,000,000 in Q1, representing GMV penetration of nearly 2.4%. In Q1, we included ad revenue generated by off platform marketplaces like Q10 and TCG Player in our total reported advertising revenue for the first time.

We've included details on the prior year baselines for comparability. Excluding off platform ads, total advertising revenue would have grown by 12% to four twenty six million dollars First party ads on the eBay platform grew over 14% to $418,000,000 while third party display ads declined by 41% to $8,000,000 as we continue to deprecate these legacy ad units. Moving on to profitability. Non GAAP gross margin declined by over zero five point with headwinds from depreciation expense and traffic acquisition costs related to promoted off-site ads, partly offset by cost of payments efficiencies. As a reminder, we extended the useful life of our servers and networking equipment in 2024, which benefited our margins last year, but created a headwind for 2025.

In Q1, this depreciation headwind pressured both gross and operating margins by nearly 70 basis points. Our non GAAP operating margin was 29.8% in Q1, down zero five point. In addition to depreciation, operating margin was pressured by our UK C2C initiative on a year over year basis, partly offset by 40 basis points of foreign exchange tailwind. Our non GAAP earnings per share grew 10% to $1.38 and GAAP earnings per share grew over 25% to 1.06 A higher GAAP earnings growth rate was primarily due to the lapping of investment losses a year ago, partly offset by a slightly higher GAAP tax rate this quarter. Shifting to our balance sheet and capital allocation.

We generated free cash flow of $644,000,000 in Q1 and held cash and non equity investments of $6,200,000,000 at the end of the quarter. After paying down $800,000,000 of senior notes during March, we had gross debt of $6,700,000,000 on our balance sheet. We repurchased $625,000,000 of eBay shares during the first quarter at an average price of nearly $67 We also paid a quarterly cash dividend of $134,000,000 in March or $0.29 per share. Our equity investments were valued at over $1,100,000,000 at the end of Q1. The majority of this value is our private stake in Irulea with approximately 8% ownership valued at nearly $900,000,000 Moving on to our outlook.

As Jamie noted earlier, tariffs and other trade policy changes have created significant uncertainty for our sellers and buyers. Quarter to date, we have observed healthy volume trends due to strength in our focus categories and what could be a modest pull forward of demand from consumers worried about increased costs and complexity at U. S. Customs in the near future. To account for a variety of scenarios in the remainder of the quarter, we are providing wider than usual guidance ranges for Q2.

We expect GMV between 18.6 and $19,100,000,000 for the second quarter, representing FX neutral growth between negative 1% and positive 2% year over year. This includes an expected contribution of approximately 20 basis points from Golden and roughly 50 basis points of headwind due to the timing of Easter. Based on current exchange rates, we estimate FX would represent roughly 180 basis points of tailwind to spot GMV growth. We forecast revenue between $2,590,000,000 and $2,660,000,000 in the second quarter, implying negative 1% to positive 2% total FX neutral growth. Based on current exchange rates, we estimate FX would represent roughly 170 basis points of tailwind to spot revenue growth.

On a sequential basis, we expect take rate to improve, driven by a full quarter of contribution from our UK C2C bioprotection fee and ongoing managed shipping ramp. We expect non GAAP operating margin to be between twenty seven and twenty seven point eight percent in the second quarter. We expect headwinds from Managed Shipping, the depreciation policy change and M and A related expenses to be partly offset by an FX tailwind. We forecast non GAAP earnings per share between $1.24 and $1.31 in the second quarter, representing year over year growth between 411%. Next, I'll share some perspectives on the full year.

Based on the trends we have observed year to date, our full year commentary remains unchanged and contemplates a range of scenarios for tariffs and the continuation of an uneven demand environment we have been navigating for many quarters. We are planning our business around these key assumptions for 2025 and investing for the long term health of our marketplace. However, more severe outcomes for tariffs or a significant deterioration in The U. S. Macro environment could push us toward the lower end of our ranges or make it challenging for us to deliver on these targets.

For 2025, we expect to generate low single digit GMV growth on an FX neutral basis, driven by our focus categories, geo specific investments and horizontal initiatives. We forecast revenue growth modestly higher than GMV for the full year on an FX neutral basis driven by advertising, shipping and financial services. We continue to expect non GAAP operating income growth to be relatively in line with FX neutral revenue despite absorbing several unique headwinds to non GAAP operating margin year over year. We forecast capital expenditures to be between 45% of revenue for the full year and expect our non GAAP tax rate to remain stable at 16.5%. Our outlook for free cash flow remains unchanged.

Recall, we have a number of unique tax considerations resulting in twenty twenty five tax payments of over $1,000,000,000 related to investment sales last year, repatriation tax and timing of R and D credits. Excluding these unique tax items, normalized free cash flow is expected to be comfortably north of $2,000,000,000 In regards to capital allocation, we are targeting share repurchases of at least $2,000,000,000 in 2025, while maintaining the flexibility to lean in opportunistically when appropriate. Our Board also declared a quarterly dividend of $0.29 per share for Q2 to be paid in June. Based on these assumptions, we still expect our non GAAP earnings per share growth in the high single digits for 2025. In closing, our teams have done a tremendous job executing on our strategy, leading to a strong start to 2025.

I'm proud of the strong financial foundation we've established together over the last four years as we reorientated the business towards sustainable long term growth. It's been a true honor to work with such extraordinary people and serve this vibrant community. And I look forward to cheering on eBay's continued success. And with that, Jamie and I will now take your questions.

We will now begin Q and A. For today's session, we'll be utilizing the raise hand feature. If you'd like to ask a question, simply click on the raise hand button at the bottom of your screen. If you have dialed in, please press 9 to raise hand and 6 to unmute. Once you've been called on, please unmute yourself and begin to ask your question.

Please limit to one question and one follow-up before jumping back in the queue. Thank you. We will now pause a moment to assemble the queue. Our first question will come from Eric Sheridan with Goldman Sachs. Your line is open.

Thanks for taking the question, and I'll kick it off by saying thanks to Steve for all the help and always enjoyed all the interactions over the years. So thank you, Steve, and good luck going forward. In terms of looking out over the full year, I think the main question we're getting from investors right now with respect to the commerce landscape, and I would love to understand how you're thinking about it philosophically or how you factored it into the forward commentary would be how to think about demand elasticity in an environment where pricing might be going up a lot and and how elements of prior period experiences might inform the way you brought that either to your commentary for this year or other ranges of probabilistic outcomes you're thinking about as we go through 2025? Thanks so much.

Yeah. Eric, I'll start. This is Jamie. So the the macro environment, I think, remains uncertain and difficult to predict, but we've been contending with uneven demand for many quarters, which I think frames our q one results and our outlook in a in an even more positive light. I think as it relates to, you know, the the overall demand elasticity in the macro environment, on a relative basis, you know, we're confident that eBay is in a strong position as our vast global seller base can really leverage the CBT shipping solutions we have and adapt to changes in trade policies, and we expect buyers to gravitate towards our non nuances in inventory, especially during periods of consumer pressure.

You know, to your to your question about prior periods, it's what we've seen before, which is, you know, at times where I think consumers are more uncertain and are looking for a value, eBay tends to be more resilient because of what we have on the marketplace. Over 40% of our goods now are used to refurbish, and that business is growing meaningfully faster than than new goods on the marketplace. Frankly, we also see in prior periods that it's an opportunity for us to acquire new sellers onto the marketplace because what it does is, you know, people looking for value. They come out of the marketplace, and then they may need money to sell things, and eBay is a great is in great environment for that. So last thing I'd say relative to prior periods, and we saw this during COVID is, you know, because we have such a vast seller base, we tend to be a bit more our sellers tend to be a bit more nimble, and adapt to changes a little bit more quickly because there's no kind of, you know, their ability.

They're smaller. They can be a bit more agile, and that's that's what we've seen in the past.

Our next question will come from the line of Nathan Feather with Morgan Stanley. Your line is open. Please go ahead.

Hey, everyone. And first off, Steve, it's been great working with you. So looking forward to what's next. You know, maybe just a lot of questions, especially on China tariffs and what the impact might be in a sustained basis. I guess, can you provide some color on how big China based exporters are on eBay in at least in terms of the China to US trade route, the potential to maybe shift some demand to inventory from other regions?

And then any way to contextualize the potential sourcing risk for, you know, non China based sellers who still source from that region? Thank you.

Yeah. Look. Our business is not immune to the increased cost from tariffs and the friction associated, but but we remain confident in our ability to support our community. Let me size things for you, Nathan, to just help a little bit there. Our Greater China to US quarter makes up about 5% of total GMV for us, and and China overall is a little less than 10%, but about three quarters of that business of the 5% coming from China to US is forward deployed to the end markets.

So it's already subject to tariffs, and so wouldn't be subject to any changes in de minimis based on the the cost of the items. On the other half of the inventory or the one quarter that's not forward deployed, about 50% of that uses a a shipping solution that we've helped create, which is called Speedpack. And what that does is it really incorporates all of the tariff complexity and customers' complexity right into the shipping solution. It makes it a lot easier for the seller. And from the buyer perspective, they see full transparency, and they're playing for that directly in checkout.

And I suspect, you know, with incremental changes, we'll see even more sellers. It's it's been 50 for a while. We'll see even more sellers take advantage of the shipping solutions that that we provide. You know, I think overall on the marketplace level, we do see, you know, the benefit of having kind of goods and inventory all over as we do see substitution across the across the marketplace. And so, you know, that is available for buyers, but we also feel like the tools that we provided to sellers, in all of these shipping solutions, etcetera, provide great solutions, and buyers can ultimately decide if new quarters seem more attractive to them.

Great. That's really helpful. Thanks, and congrats on the encouraging results.

Our next question will come from the line of Nikhil Devnani with Bernstein Research. Please go ahead.

Hi there. Thanks for taking my question. And Steve, thanks for all your help. It's been great working with you. With respect to advertising revenue, are you seeing any impact from tariffs on that portion of the business, particularly from your China based merchants that maybe buy ads?

And can you also speak broadly to the durability of this revenue stream even through different macro environments? How deep are the auctions such that if one category of sellers might pull back, someone else steps in to plug the hole? How should we think about that dynamic? Thank you.

Yeah. We have strong demand across the board for our our advertising business, and we continue to drive kind of increasing penetration of the user base. You know, now over 3,700,000 sellers have adopted a single ad product, Nikhil, and we have, you know, 1,100,000,000 live portal listings out of our nearly 2.3. I would say, you know, we've seen no material impact on our advertising to date. We've seen strength across the board in our promoted listings general, our CPA product, our CPC based product.

And, you know, I talked a little bit on the call about promoted off-site and some of the new innovations that we have there from that perspective. So overall, we're pretty pleased with the performance of advertising, and, you know, our ad demand is is very distributed across a large celebration, a large number of products. So we feel we feel good about the ongoing opportunity that we have in advertising.

Our next question will come from Colin Sebastian with Baird. Please go ahead.

Alright. Great. So I appreciate the opportunity. I guess well, first, Steve, also, it's been a pleasure working with you and and wishing you all the best. Jamie, first off, a lot of attention, I think, is is turning to the concept of a Genentech commerce.

And, you know, you guys are in front of us a bit with with some of the tools you have in partnerships. But I'm curious, you know, in your seat, how you how you think ultimately consumer shopping behavior changes and and the world in the ecommerce marketplace of platform. Mean, if if agents are doing more of the searching and buying on behalf of of consumers. And then and then, Steve, maybe on the outlook, I guess I'd be curious.

Hey, Hey, Colin. Just real quick. You came across pretty muffled in that, and I wanna make sure I get your question right. Can you try again on on the question there?

Yeah. Sorry. So, hopefully, you can hear me. I'm in transit. But I was just curious in in the view on Agenza Commerce and ultimately how that

Yeah. So I I think I roughly got, you know, your questions around agentic commerce. What I'd say is, you know, of the of the pieces that we're building internally already, we feel great about the progress that we're making. So if you look at let me take Magical Listings, for example. Over 10,000,000 unique sellers have used that product to create over 200,000,000 listings, and that's generating, you know, several billion dollars of GMV.

We continue to use agent technology across our marketing, across our customer support, etcetera, to really drive, you know, efficiencies in how we work. We've launched some new agentic tools in shop the look. This quarter, I talked about a new discovery platform that we've launched in fashion associated with AI. And we've also announced a number of kind of early tests that we're doing, one with OpenAI around exploring, making our inventory available to more shoppers with with the work that they're doing as well as some small tests we haven't really talked about yet that we're testing with our own agentic technology. So, you know, I think across the board, you were inside this organization, it's more likely to ask, you know, which teams are not leveraging AI or how we're not thinking about it in the customer experience.

Because at this point, it's pretty broad based in how we think about, the leveraging the AI capabilities for both our customer experience and in how we work.

Our next question will come from Ross Sandler with Barclays. Please go ahead.

Great. Thanks, guys. Just going back to previous question. So it sounds like the China quarter is 10% for China Sellers who are kind of labeled. And then you've got 40% or over 40% secondhand.

So that leaves kind of half the GMV, U. S. Or you know, European or or whatever the location of these other sellers may be. Do you have any sense of how much of those sellers' products do get sourced from from China? I I know it's probably a tough thing to figure out, but I'd just be curious if you guys ever looked at that.

And then, I guess, broadly, you know, there's there's all these fears about consumer pullback that might happen or or may not happen later this year. Your business is quite a bit different than the last time we've had any consumer weakness given the growth of collectibles and, you know, not just trading cards, but you've got more luxury. You've got, you know, sneakers. You've got a bunch of other larger categories of GMV. So I guess if you as you guys pencil out these scenarios, how do you see eBay holding up in a recession scenario this time around versus, you know, maybe other times in the past when when some of these categories were a bit different?

Hi, Ross. Steve here. I'll pick up the first one, and then I'll flip to Jamie to, take the second question. You're right. So as we as Jamie reiterated earlier, about 5% of our global GMV goes from the Greater China to The US corridor.

Your point about, our used and refurbished inventory on the platform is just over 40% of everything we sell, which we see as a a real competitive advantage and the strength as consumers are continuing to look for value in this environment. With regards to, other, listings across the overall platform, there is additional volume, on eBay from US Sellers who source products from Greater China, and these sellers would need to navigate tariffs similar to our CBT sellers. And as as you can imagine, we have contemplated a a number of scenarios as we've sort of thought about our business and continue to plan our business, and this impact has been contemplated as we plan for the various tariff scenarios. Jamie, with regard to the second question?

Yeah. Look. What I would say there, Ross, is that we're certainly not immune to, you know, impacted consumers when they have kind of, you know, less discretionary, dollars to spend, but we are advantaged and more resilient because of the inventory that we have on the marketplace. And so, you know, consumers tend to come to us when they're looking for a value, and that really kind of, you know, resonates, you know, what we're providing. They come to us looking for used or refurbished, you know, and they're they're agile in terms of what I said.

So you can imagine, like, you know, parts and accessories sellers looking at more salvage opportunities and things like that. The other thing I would say is that, you know, as our focus categories have grown, you know, there's often a difference between, you know, a higher income buyer and and a lower income buyer. So when you look at the strengths of our business, whether you think that's, you know, handbags that we have that are coming from, you know, Italy or France or, you know, trading cards that are predominantly, you know, from The US, not only are they, you know, from kind of, you know, different different sources of where of where they're manufactured, but importantly, you know, have less of an impact of elasticity versus the consumer. So overall, it's why we're glad that we pivoted to non new and seasoned five years ago. I think it makes our platform, you know, more resilient than than otherwise would be.

And the things that we've been leaning into have really helped create kind of more diversification, more shipping solution options, etcetera.

Our next question will come from Deepak Mathivanan from Cantor Fitzgerald. Please go ahead.

Great. Thanks for taking the questions. So, Jamie, given the mix of pre owned and refurb on the platform now, does it make sense to leverage this competitive advantage that you currently have during this time and kind of make a more aggressive push to build top of the funnel and awareness to sort of, like, gain a permanent competitive edge? And then also, somewhat related to that, with all these macro shifts, are you seeing any changes in competitive landscape now with maybe some of the subscale players who are previously, you know, investing aggressively scaled down, that's helping the business now? Thanks so much.

Yeah. Just just to make sure I got your question. You because of our level of pre loved, you said? Pre loved and used on the platform, or what did you say?

Pre owned. Yes. Pre pre owned and refurb, goods on the platform. Right.

Yeah. Yeah. Look. We we are leaning in a lot behind that, because we do think it's a unique opportunity. We're doing both on the buying side and on the selling side.

So if you look at our our full funnel marketing, it's not only leaning into kind of the, you know, the breadth of inventory and the trust that you have on the platform, but, for example, in The UK and Germany right now, we're really pushing the sell message of sell on eBay, because it's a great time to bring new sellers onto the marketplace. And what we find is that when we get a buyer to become a casual seller, they end up buying more. So we're definitely leaning in from from that perspective on all of the the marketing that we're doing. And, you know, we believe that there's a significant TAM out there in c to c, that we're going after. So if you look at the average household, they have 3 to $4,000 of inventory that could be sold on eBay, and less than 20% of that is online on the platform.

And so the whole vision that we have with magical listing is really making it so simple to unlock all of that inventory onto the platform, because, you know, we write the description. We fill out all the item specifics. In fact, the stat that I talked about on the call is really interesting. Even though the magical listing technology is relatively, new in bulk, so we just kinda built this capability to have bulk magical listing. Already, you know, the majority of our listings are coming in for trading cards, on that platform, And that's, you know, really, really compelling.

And so we're gonna continue to push kind of new innovations there. We're leaning into fashion in a big way. We just rolled out a new discovery platform for pre loved fashion. About that as an endless feed now that we've built sizing and we've built styles on the platform, and that's something that we're gonna be continuing to lead into into 02/2025. You know, relative to competition, this is where scale is an advantage.

We're able to acquire buyers and leverage them across a lot of different categories. So, you know, let's let's take a watch buyer. If you come in and buy a watch over $500, you'll end up buying $5,000 in watches, but you'll end up buying more than $5,000 across the rest of the categories, which is really compelling as well. We you know, we're looking at, in our in our vehicles performance. You know, we just launched this new relationship with Caramel, and not only would you see buyers coming into that, but then those buyers end up buying thousands of dollars.

So I do think we benefit from our global scale, from the global supply and demand that we have. You know, and as Steve likes to talk about, we have a a strength of our financial model, which gives us the capacity to invest in in these time periods to really make sure we're capturing opportunities for eBay.

Our next question will come from Shweta Khajuria with Wolfe Research. Please go ahead.

Thanks a lot for taking my question. I very much appreciate it. How would you characterize, I mean, your business is very scaled. It is global. So how would you characterize the health of consumer today from your vantage point?

Ebay Q1 2025 Earnings Call Transcript | Fortune

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Ebay (EBAY) Q1 2025 Earnings Call Transcript

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