Group 1 - US stock index futures experienced slight declines, with Nasdaq futures down 0.35%, S&P 500 futures down 0.24%, and Dow futures down 0.33% [1] - Major European indices collectively fell, with Germany's DAX down 0.15%, UK's FTSE 100 down 0.61%, France's CAC down 0.91%, and the Euro Stoxx 50 down 0.52% [1] - OpenAI is reportedly planning to apply for an IPO as early as 2026, with a potential valuation of up to $1 trillion [1] - Alphabet, Google's parent company, reported record Q3 revenue of $102.3 billion, with a 34% year-over-year increase in cloud computing revenue [1] - Microsoft reported Q1 FY2026 revenue of $77.67 billion and earnings per share of $3.72, both exceeding expectations; however, Azure and other cloud revenue fell short of buyer expectations [1] - Meta's Q3 revenue was $51.2 billion, with net profit declining to $2.7 billion due to one-time tax expenses; the company raised its full-year capital expenditure guidance [1] Group 2 - Eli Lilly reported a 54% year-over-year revenue increase to $17.6 billion in Q3, raising its full-year revenue forecast [2] - Merck's Q3 sales reached $17.28 billion, with adjusted earnings per share of $2.58, both exceeding expectations [2] - Stellantis reported a 13% year-over-year revenue increase to €37.2 billion in Q3, noting that US tariffs have caused approximately €1 billion in losses this year [2] - Shell's Q3 adjusted profit was $5.43 billion, surpassing expectations; the company announced a $3.5 billion stock buyback plan [2] - ServiceNow reported Q3 revenue of $3.41 billion, with adjusted earnings per share of $4.82, both exceeding expectations; the company plans a 1-for-5 stock split [2] - eBay's Q3 sales grew 9% year-over-year to $2.82 billion, with adjusted earnings per share of $1.36, exceeding expectations [2] - Carvana, a US used car retailer, reported a 54.5% year-over-year revenue increase to $5.65 billion in Q3, with earnings per share of $1.03, which fell short of analyst expectations [2] - KLA Corporation, a semiconductor testing equipment manufacturer, reported a 13% year-over-year revenue increase to $3.21 billion in Q1 FY2026, with adjusted earnings per share of $8.81, exceeding expectations [2] - Novo Nordisk is reportedly increasing its bid for Metsera, while Pfizer's $4.9 billion acquisition may face uncertainties [2] Group 3 - S&P has downgraded Strategy's credit rating to junk status at B-, citing significant "currency mismatch" risks [3]

U.S. stock futures were lower this morning, with the Dow futures falling more than 100 points on Thursday.Shares of Meta Platforms, Inc. (NASDAQ:META) fell sharply in pre-market trading following third-quarter results.Meta posted upbeat earnings for the third quarter on Wednesday. The company said it sees fourth-quarter revenue in a range of $56 billion to $59 billion, versus the $57.21 billion analyst estimate. Meta also increased its FY25 capital expenditure guidance.Meta Platforms shares dipped 8.5% to $ ...

All right, take a look at shares of eBay. That stock is tumbling, down by about 9% this morning. It comes after eBay beat uh earnings estimates and revenue estimates.But the company's profit forecast for the current quarter missed expectations. That has investors concerned about shrinking margins ahead ahead of the holiday shopping season. Before today's decline, eBay's stock was up about 61% for the year to date. Uh at this point it looks like it's up by about 44% for the year to date. ...

Core Viewpoint - eBay's stock is experiencing a significant decline of approximately 9% following a mixed earnings report, raising concerns among investors about future profitability and margin pressures ahead of the holiday shopping season [1] Financial Performance - eBay reported earnings and revenue that exceeded estimates, indicating strong performance in those areas [1] - Despite beating earnings and revenue expectations, the company's profit forecast for the current quarter fell short of investor expectations [1] Market Reaction - Prior to the decline, eBay's stock had increased by about 61% year-to-date, but the current drop has adjusted this figure to approximately 44% year-to-date [1]

Core Viewpoint - eBay's stock dropped approximately 10.6% in pre-market trading despite reporting better-than-expected third-quarter sales and earnings [1] Financial Performance - eBay's third-quarter sales increased by 9% year-over-year to $2.82 billion, surpassing market expectations of $2.73 billion [1] - Adjusted earnings per share were $1.36, slightly above the market expectation of $1.33 [1] - The total gross merchandise volume for the period was $201 billion, reflecting a 10% year-over-year growth [1] Future Guidance - For the fourth quarter, eBay's sales guidance midpoint is $2.86 billion, slightly above the market expectation of $2.8 billion [1] - Earnings per share guidance is projected between $1.31 and $1.36, which is below the expected $1.38 [1]

Core Insights - The Q3 earnings season is expected to be volatile, with stocks needing to justify their all-time record valuations amidst a challenging macroeconomic environment [1] Group 1 - The current earnings season is early, indicating potential volatility for stocks [1] - Companies are under pressure to defend high valuations in light of economic challenges [1] - The experience of analysts covering technology companies and startups is influencing the understanding of industry trends [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

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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 [5][27] - Non-GAAP operating income grew 9% year-over-year to $764 million, with a non-GAAP operating margin of 27.1% [27][32] - Free cash flow generated was $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 [5][7] - Motors Parts and Accessories (P&A) contributed significantly to GMV growth, with over 750 million live listings [9] - Fashion categories, including luxury and pre-loved apparel, also drove GMV growth, supported by partnerships like the one with Marks & Spencer [10] 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, contributing to overall acceleration in UK volume growth [29][14] - The removal of the de minimis exemption for imports under $800 created challenges for cross-border trade into the U.S., impacting growth [22][28] Company Strategy and Development Direction - The company is focused on enhancing its marketplace through innovations like eBay Live and AI-driven tools to improve user experience [12][25] - The acquisition of TIES aims to strengthen the company's position in the circular economy and expand its presence in the Nordics [15] - Continued investment in AI technologies is expected to transform the shopping experience and improve seller interactions [16][25] Management Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges but expressed confidence in the company's growth strategy and the resilience of its marketplace [5][24] - The company anticipates a modest deceleration in GMV growth in Q4 due to various headwinds, including the full impact of the de minimis change [33][34] - For 2026, the company plans for continued positive FX-neutral GMV and revenue growth, while being mindful of potential lapping dynamics [37][38] Other Important Information - The company returned approximately $760 million to shareholders through repurchases and cash dividends [27] - Non-GAAP gross margin was 71.6%, with total advertising revenue reaching $525 million, representing GMV penetration of 2.6% [30][31] - The company is committed to maintaining a strong culture and has received recognition for its workplace environment [24] 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][46] Question: Margins and investment strategies - Management discussed balancing long-term growth with margin flow-through, noting increased product development expenses aimed at strategic initiatives [50][52] Question: Sustainability of growth in trading cards - Management expressed confidence in the long-term growth of trading cards, attributing recent success to trust and innovation in the category [71]

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 [5][27] - Non-GAAP operating income grew 9% year-over-year to $764 million, with a non-GAAP operating margin of 27.1% [27][32] - Free cash flow generated was $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 trading cards [5][7] - Motors parts and accessories (P&A) contributed significantly to GMV growth, with over 750 million live listings [9] - Fashion categories, including luxury and pre-loved apparel, also drove GMV growth, supported by partnerships like the one with Marks & Spencer [10] Market Data and Key Metrics Changes - U.S. GMV growth accelerated to nearly 13%, while international GMV grew nearly 4% on an FX-neutral basis [28] - The U.K. C2C initiative saw notable improvements, contributing to overall volume growth [29] - Cross-border trade faced challenges due to the removal of the de minimis exemption, impacting year-over-year volume growth [28][29] 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 agents [16][25] - Expansion into live commerce through eBay Live is seen as a strategic growth vector, with significant momentum in the U.S. and plans for further expansion in Europe [12][25] - The acquisition of Tise aims to strengthen the company's position in the circular economy and enhance its presence in the Nordics [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges but expressed confidence in the company's growth strategy and the resilience of its marketplace [5][24] - The outlook for Q4 includes expected GMV between $20.5 billion and $20.9 billion, reflecting durable growth trends [33] - Management highlighted the importance of balancing top-line growth with margin flow-through, indicating ongoing investments in strategic initiatives [52][41] Other Important Information - The company returned approximately $760 million to shareholders through repurchases and cash dividends [27] - Non-GAAP gross margin was 71.6%, with a slight decline attributed to managed shipping and traffic acquisition costs [31] - The company plans to repurchase approximately $2.5 billion of shares for the full year [36] Q&A Session Summary Question: Insights on AI's impact on eBay's business - Management discussed the potential of AI to unlock supply for consumers and enhance the shopping experience through improved recommendations and discovery [44][46] Question: Margins and investment strategies - Management elaborated on balancing long-term growth with margin flow-through, noting increased product development expenses and strategic investments [50][52] 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 [71]