Online marketplace eBay has been ordered to cough up $3 million to resolve criminal charges related to a harassment campaign by employees who sent live spiders, cockroaches and other disturbing items to the home of a Massachusetts couple, according to court papers filed Thursday.The Justice Department charged eBay with four counts of corporate stalking — two through interstate travel and two through electronic communications services — as well as witness tampering and obstruction of justice, the federal ag ...

SAN JOSE, Calif., Jan. 11, 2024 /PRNewswire/ -- eBay Inc. (NASDAQ: EBAY) today stated that it has entered into a deferred prosecution agreement with the U.S. Attorney's Office for the District of Massachusetts with respect to actions taken in 2019 by former eBay employees against Ina and David Steiner. As set forth in the agreement, eBay takes responsibility for the misconduct of its former employees. "The company's conduct in 2019 was wrong and reprehensible," said Jamie Iannone, Chief Executive Officer at ...

The online retailer eBay will pay a $3m fine to resolve criminal charges over a harassment campaign waged by employees who sent live spiders, cockroaches and other disturbing items to the home of a Massachusetts couple, according to court papers filed on Thursday.The justice department charged eBay with stalking, witness tampering and obstruction of justice. The employees already were prosecuted in the extensive scheme to intimidate David and Ina Steiner more than three years ago. The couple produced an onl ...

Forget Picasso paintings and Mickey Mantle rookie cards. Could the hottest new collectible be a Valentine’s Day-themed cup sold exclusively at Target TGT, -1.78% ?The “Galentine’s Collection” pink and red cups, made by Stanley, are priced from $20 to $45 at Target, depending on the size. But they’re now going for as much as $200 on eBay EBAY, -0.33%. “Hard to find…Will ship with extra care,” said one eBay seller, who was asking $190 for a pair. The frenzy is such that shoppers have been standing in line out ...

Fool.com contributor Parkev Tatevosian discusses the characteristics that make this one of his favorite dividend stocks to buy for 2024. *Stock prices used were the afternoon prices of Dec. 24, 2023. The video was published on Dec. 26, 2023. ...

eBay Inc. (NASDAQ:EBAY) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET Company Participants Jamie Iannone - Chief Executive Officer Steve Priest - Chief Financial Officer John Egbert - Vice President of Investor Relations Conference Call Participants Colin Sebastian - Baird Ross Sandler - Barclays Nikhil Devnani - Bernstein Thomas Champion - Piper Sandler Lee Horowitz - Deutsche Bank Michael Morton - MoffettNathanson Eric Sheridan - Goldman Sachs Deepak Mathivanan - Wolfe Research Operator Lad ...

Financial Performance - For the three months ended September 30, 2023, net revenues increased to $2,500 million, up from $2,380 million in the same period of 2022, representing a growth of 5.04%[16] - Gross profit for the nine months ended September 30, 2023, was $5,427 million, compared to $5,286 million for the same period in 2022, reflecting an increase of 2.67%[16] - The company reported a net income of $1,305 million for the three months ended September 30, 2023, compared to a net loss of $69 million in the same period of 2022[18] - Basic income per share from continuing operations for the three months ended September 30, 2023, was $2.47, a significant improvement from a loss of $0.13 per share in the same period of 2022[16] - eBay reported a net income of $2,043 million for the nine months ended September 30, 2023, compared to a net loss of $1,941 million in the same period of 2022[22] - Net income for Q3 2023 was $1,305 million, compared to a net loss of $69 million in Q3 2022, marking a significant turnaround[47] - Total net revenues for Q3 2023 reached $2,500 million, a 5% increase from $2,380 million in Q3 2022[57] - U.S. revenues for Q3 2023 were $1,259 million, up from $1,187 million in Q3 2022, reflecting a growth of 6%[57] Assets and Liabilities - Total assets as of September 30, 2023, amounted to $21,184 million, an increase from $20,850 million as of December 31, 2022[13] - Total liabilities decreased to $15,285 million as of September 30, 2023, down from $15,697 million as of December 31, 2022[13] - The company’s cash and cash equivalents increased to $2,550 million as of September 30, 2023, compared to $2,154 million as of December 31, 2022[13] - eBay's total stockholders' equity increased to $5,899 million as of September 30, 2023, compared to $4,853 million a year earlier[20] - As of September 30, 2023, total debt amounted to $7.723 billion, a decrease from $8.871 billion as of December 31, 2022, reflecting a reduction of approximately 13%[122] Cash Flow and Investments - The company generated net cash provided by continuing operating activities of $2,308 million for the nine months ended September 30, 2023, up from $1,941 million in the prior year[22] - Cash, cash equivalents, and restricted cash at the end of the period stood at $3,009 million, an increase from $2,106 million at the end of September 2022[23] - eBay's cash flows from investing activities yielded a net cash inflow of $520 million for the nine months ended September 30, 2023, compared to $3,755 million in the same period of 2022[22] - The company repurchased $1,160 million of common stock during the nine months ended September 30, 2023, compared to $3,031 million in the same period of 2022[20] - Cash flow from continuing operating activities was $862 million during the three months ended September 30, 2023, compared to $735 million in the same period in 2022[187] Expenses and Costs - Operating expenses for the three months ended September 30, 2023, totaled $1,340 million, up from $1,165 million in the same period of 2022, indicating an increase of 15.03%[16] - The effective interest expense for senior notes was approximately $65 million for the three months ended September 30, 2023, compared to $54 million for the same period in 2022, representing an increase of about 20%[131] - Total stock-based compensation expense for the three months ended September 30, 2023, was $144 million, an increase from $118 million in the same period of 2022[168] - Restructuring charges amounted to $42 million, primarily related to workforce reduction and exit costs[179] Equity Investments - The company reported a gain on equity investments of $1,212 million for the three months ended September 30, 2023, compared to a loss of $593 million in the same period of 2022[16] - The total estimated fair value of investments classified as available-for-sale debt securities and restricted cash is $2,886 million as of September 30, 2023[65] - The total equity investments increased from $3,377 million as of December 31, 2022, to $4,633 million as of September 30, 2023[66] - The equity investment in Adevinta is valued at $4,023 million as of September 30, 2023, reflecting an unrealized gain of $1,367 million for the quarter[71] - For the three months ended September 30, 2023, net gains on equity investments were $1,321 million, a significant recovery from a loss of $566 million in the same period of 2022[85] Legal and Regulatory Matters - The company is under examination by tax authorities for the 2010 to 2021 tax years, with potential adjustments to gross unrecognized tax benefits being reasonably possible in the next 12 months[171] - Legal and regulatory proceedings are inherently unpredictable, and unfavorable outcomes could materially impact the company's operating results or financial condition[149] - The company is responding to inquiries from the U.S. Department of Justice regarding potential liability for products sold on its Marketplace platforms, with a civil complaint filed against it alleging violations of environmental laws[154] - The company expects to incur significant costs related to ongoing legal disputes and regulatory inquiries, which could divert operational resources and impact business practices[152] Market and Operational Insights - The company experienced reduced traffic due to geopolitical events, inflationary pressure, and lower consumer confidence, impacting discretionary spending[184] - The take rate for Q3 2023 was 13.90%, up from 13.43% in Q3 2022, indicating improved monetization[199] - Gross Merchandise Volume (GMV) for Q3 2023 was $17,991 million, a 2% increase from $17,715 million in Q3 2022[199] - Operating margin decreased to 18.2% for the three months ended September 30, 2023, down from 23.9% in the same period in 2022[186]

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Financial Data and Key Metrics - Gross merchandise volume (GMV) was $18.2 billion, down 1% year-over-year, an improvement from a 3% decline in Q1 [32] - Revenue grew 5% to $2.54 billion, outpacing GMV growth by 6 points [17][32] - Non-GAAP earnings per share (EPS) was $1.03, up 5% year-over-year [17][32] - Free cash flow was $492 million, up 6% year-over-year [39] - Advertising revenue reached 2% penetration of GMV, with total ads growing 35% and first-party ad revenue growing 49% [25][36] Business Line Data and Key Metrics - Focus categories grew roughly 7 points faster than the remainder of the marketplace, led by motors, parts, and accessories (P&A), which grew mid-single digits year-over-year [18][33] - eBay Refurbished maintained double-digit growth, contributing significantly to focus category outperformance [33] - The company launched Authenticity Guarantee for streetwear in the U.S., expanding to brands like Adidas, Jordan, and Nike, with plans to include luxury brands like Gucci and Louis Vuitton later in the year [19] - The Certified by Brand program, with over 20 participating brands, enhanced trust in listings for watches, jewelry, and handbags [19][20] Market Data and Key Metrics - U.S. GMV was down 4% organically, while international GMV grew 1% on an FX-neutral basis, benefiting from cross-border trade [33][34] - Active buyers were 132 million, down 1 million quarter-over-quarter, but new and reactivated buyers grew year-over-year for the fourth straight quarter [34][35] - Enthusiast buyers remained stable at 16 million, with average annual spend per enthusiast at $3,000 [35] Company Strategy and Industry Competition - The company is focusing on three key pillars: relevant experiences, scalable solutions, and magical innovation, aiming to reinvent e-commerce for enthusiasts [7][8][15] - Investments in AI and machine learning are driving innovations like Magical Listing, which simplifies the listing process for sellers and has seen high customer satisfaction rates [21][22] - The company is expanding its eBay International Shipping program, which simplifies cross-border trade and has shown positive early results [13][60] - The advertising business is a key growth driver, with Promoted Listings Standard and Advanced contributing significantly to ad revenue growth [26][27] Management Commentary on Operating Environment and Future Outlook - Management highlighted the success of focus categories and the advertising business, despite macroeconomic uncertainty [17][31] - The company expects GMV growth between -2% and -1% for the full year 2023, with revenue outpacing GMV by approximately 4.5 points [40][41] - Non-GAAP operating margin is expected to be between 27% and 27.4% for the full year, with headwinds from eBay International Shipping and M&A [41] - The company plans to continue investing in innovation and full-funnel marketing to drive sustainable growth [43] Other Important Information - The company returned $383 million to shareholders through share repurchases and dividends in Q2, with $2.3 billion remaining under the current buyback authorization [39][43] - The acquisition of Certilogo is expected to enhance the company's capabilities in fashion authentication and support the circular economy [20][73] Q&A Session Summary Question: How do the three strategic pillars (relevant experiences, scalable solutions, magical innovation) impact the P&L? - The pillars are expected to drive buyer growth, increase spend per buyer, and amplify ROI on the platform. Relevant experiences have already shown improvements in customer satisfaction and GMV, while scalable solutions like eBay International Shipping are opening up cross-border trade opportunities. Magical innovations, such as AI-driven features, are enhancing customer experiences and unlocking more inventory for sellers [45][46][47] Question: What is driving the margin decline, and are these factors temporary or structural? - The margin decline is driven by eBay International Shipping, M&A, FX fluctuations, and reinvestments in the business. While some factors like FX and M&A are temporary, others like reinvestments are structural and aimed at driving long-term growth [50][52][53] Question: How is the company addressing non-focus categories to ensure stability? - The company is leveraging its focus category strategy to lift overall marketplace performance, including non-focus categories. Investments in scalable solutions like eBay International Shipping and AI-driven features like Magical Listing are benefiting all categories [55][56][57] Question: What is the impact of eBay International Shipping on U.S. GMV? - The program is still ramping up in the U.S., but early results show positive reception from sellers, with improvements in shippable listings and conversion rates. The program is expected to open up more cross-border trade opportunities [59][60] Question: How is the company performing in attracting millennials and Gen Z buyers? - The company is seeing success in attracting younger buyers through initiatives like Authenticity Guarantee for streetwear and full-funnel marketing. New and reactivated buyer growth has been positive, particularly in categories like P&A [61][62] Question: How is the company navigating the competitive environment, especially with China drop shippers? - The company is leveraging its platform's value proposition, with used goods growing faster than new. Cross-border trade is also showing strength, supported by initiatives like eBay International Shipping and payments infrastructure improvements [64][65][66] Question: What is driving the strong performance in first-party ads, and what is the M&A strategy? - First-party ad growth is driven by product innovation and seller adoption, with Promoted Listings Standard and Advanced contributing significantly. The company is focused on strategic M&A to support long-term growth, such as the acquisition of Certilogo to enhance fashion authentication [69][70][72][73] Question: What is the outlook for GMV growth in 2024? - The company is confident in its strategy and expects to return to positive GMV growth in 2024, driven by focus categories and continued investments in innovation [75][78] Question: Why is the company being more reserved with buybacks, and will it monetize the Adevinta stake? - The company remains committed to returning 125% of free cash flow to shareholders through buybacks and dividends. Specific details on the Adevinta stake were not disclosed, but the company will continue to prioritize shareholder value [80] Question: What is the supply situation in the P&A category? - Supply is strong in the P&A category, with over 500 million listings. The company is focused on improving the buyer experience through features like fitment guarantees and AI-driven tools [82][83]