eBay Inc. operates marketplace platforms that connect buyers and sellers in the United States and internationally. The company's Marketplace platform includes its online marketplace at ebay.com and the eBay suite of mobile apps. Its platforms enable users to list, buy, sell, and pay for items through various online, mobile, and offline channels that include retailers, distributors, liquidators, import and export companies, auctioneers, catalog and mail-order companies, directories, search engines, commerce participants, shopping channels, and networks. The company was founded in 1995 and is headquartered in San Jose, California.
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Here are 1-3 brief analogies for eBay:
- Amazon for used goods and auctions.
- A global, formalized Craigslist.
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- Online Marketplace Services: eBay provides an online platform that connects buyers and sellers for new, used, and refurbished goods, primarily through auctions and fixed-price listings.
- Payment Processing Services: The company offers integrated payment solutions, managing transactions and payouts for sellers on its marketplace.
- Advertising Services: eBay allows sellers to promote their listings and products on the platform through various advertising and promotional tools.
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eBay (Symbol: EBAY) - Major Customers
eBay's business model primarily revolves around providing an online marketplace platform that connects buyers and sellers. Therefore, it sells its services (listing, transaction facilitation, advertising) primarily to sellers, while also serving a vast base of individual buyers.
The company sells primarily to individuals and small-to-medium businesses rather than to a few large corporate customers. Its major customers can be categorized as follows:
* **Individual Sellers:** These are casual sellers who use eBay to sell personal items, used goods, collectibles, antiques, or handcrafted products. They are individuals looking to declutter, monetize hobbies, or sell unique items to a global audience. eBay provides them with a ready-made platform and buyer base without requiring their own e-commerce setup.
* **Small and Medium Business (SMB) Sellers:** These include entrepreneurs, small businesses, and niche retailers who use eBay as a primary or supplementary sales channel for both new and used merchandise. They leverage eBay's extensive reach, established trust, and various tools to manage inventory, process orders, and connect with customers globally, often without the overhead of maintaining a separate e-commerce website.
* **Individual Buyers:** While not "customers" in the sense of paying eBay directly for goods (they pay sellers), individual buyers are crucial to eBay's ecosystem. They are the vast majority of people who come to eBay looking to purchase a wide array of items. They represent a diverse group seeking everything from everyday necessities, electronics, and apparel to unique collectibles, rare items, and bargains. Their active participation drives the demand that attracts sellers to the platform.
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Jamie Iannone, President and Chief Executive Officer
Jamie Iannone was appointed CEO of eBay in April 2020. Before rejoining eBay, he served as Chief Operating Officer of Walmart eCommerce and CEO of SamsClub.com, where he was instrumental in driving digital growth and launching innovative omnichannel experiences. He also held the role of Executive Vice President of digital products at Barnes & Noble, overseeing the NOOK e-reader and digital content business. Iannone previously worked at eBay from 2001 to 2009, with roles in product marketing, search, and buyer experience. His career also includes experience at Epinions.com (which was acquired by SHOP) and as a management consultant at Booz Allen Hamilton.
Peggy Alford, Chief Financial Officer
Peggy Alford assumed the role of Chief Financial Officer on May 12, 2025. Prior to joining eBay, she served as Executive Vice President, Global Sales at PayPal.
Julie Loeger, Senior Vice President, Chief Growth Officer
Julie Loeger has been the Chief Growth Officer and Senior Vice President since 2023. Before her tenure at eBay, she served as Executive Vice President and President of U.S. Cards for Discover Financial Services. She also held various marketing positions at Anheuser Busch, Inc.
Mazen Rawashdeh, Senior Vice President, Chief Technology Officer
Mazen Rawashdeh has served as the Chief Technology Officer and Senior Vice President of eBay since 2019. His previous roles at the company include Vice President of Technology Operations. Before joining eBay, Rawashdeh was the Vice President of infrastructure engineering and operations at Twitter and held various technical positions at Oracle Corporation and LoudCloud.
Cornelius Boone, SVP, Chief People Officer
Cornelius Boone serves as the Senior Vice President, Chief People Officer at eBay.
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The public company eBay (symbol: EBAY) faces several key risks to its business, primarily stemming from the highly competitive e-commerce landscape, evolving regulatory environments, and challenges in maintaining user trust amid fraud and counterfeit product concerns.
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Intense Competition: eBay operates in a fiercely competitive global e-commerce market, facing significant rivalry from major platforms such as Amazon, Alibaba, and Walmart. This intense competition can adversely impact eBay's market share, profitability, and ability to attract and retain both buyers and sellers. The pressure from competitors often leads to price wars and necessitates continuous innovation to remain relevant and competitive in a rapidly evolving digital retail space.
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Regulatory and Legal Compliance: As a global online marketplace, eBay is subject to a complex and ever-changing web of laws and regulations across numerous jurisdictions that were not originally designed for internet businesses. These regulations cover a wide array of areas including consumer protection, environmental standards, data privacy, intellectual property, and tax reporting. Non-compliance with these diverse and often conflicting legal frameworks can result in significant fines, penalties, litigation, and costly operational adjustments, potentially harming eBay's business and reputation. Examples include adherence to the EU's General Product Safety Regulation (GPSR) and evolving tax reporting requirements.
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Fraud, Counterfeit Products, and Maintaining User Trust: eBay's open marketplace model is susceptible to fraudulent activities, scams, and the sale of counterfeit products. Such issues can severely damage the platform's reputation, erode user trust, and lead to financial losses for both buyers and sellers. Efforts to combat problem buyers, chargebacks, and ensure product authenticity are ongoing challenges that are critical to maintaining the integrity and perceived safety of the marketplace. Cybersecurity risks, including potential cyberattacks and data breaches that could compromise user information, also fall under this category as they directly impact user trust and could lead to significant costs and regulatory penalties.
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The following clear emerging threats have been identified for eBay:
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Growth of Specialized Vertical Marketplaces: Platforms like Poshmark, Depop, StockX, GOAT, and Vinted are increasingly dominating specific e-commerce categories (e.g., fashion resale, sneakers, collectibles). By offering highly specialized services, curated experiences, and often lower fees or enhanced community features, these platforms are attracting both buyers and sellers away from eBay’s general marketplace in valuable niches.
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Emergence and Expansion of Social Commerce: The rapid rise of social commerce platforms, particularly TikTok Shop, is creating a new paradigm for online shopping. These platforms integrate product discovery and purchasing directly within social media feeds, offering a highly engaging and often impulse-driven shopping experience that can divert consumer attention and spending from traditional online marketplaces like eBay.
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Increased Adoption of Local, Fee-Free C2C Platforms: Platforms such as Facebook Marketplace have seen substantial growth as preferred venues for consumer-to-consumer transactions, especially for local sales. With a massive user base and often no transaction fees for local pickup, these platforms directly compete with and draw activity away from eBay's core C2C business, particularly for used and lower-value items.
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eBay operates primarily within the global e-commerce market, specifically as an online marketplace for a vast array of goods and services, including both new and non-new items.
Addressable Market Sizes for eBay's Main Products and Services:
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Global E-commerce Market: The total global e-commerce market size was estimated at USD 25.93 trillion in 2023 and reached USD 26.8 trillion in 2024. This market is projected to grow significantly, potentially reaching USD 83.26 trillion by 2030 or USD 73.47 trillion by 2030.
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Global Online Marketplace Market: More specifically, the top 100 global online marketplaces are projected to achieve a staggering USD 3.832 trillion in total Gross Merchandise Value (GMV) by the end of 2024. The global digital marketplace market size was valued at USD 580.31 billion in 2024 and is predicted to reach USD 1064.90 billion by 2030.
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Non-New, Seasoned Goods Market (eBay's Core Focus): eBay's management estimates a total addressable market of USD 500 billion globally for non-new, seasoned goods, which constitute approximately 90% of the platform's Gross Merchandise Volume (GMV). These categories include luxury handbags and watches, jewelry, collectibles, high-value sneakers, and automotive parts and accessories.
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For eBay (NASDAQ: EBAY), several key drivers are expected to fuel future revenue growth over the next two to three years:
- Growth in Focus Categories: eBay is strategically concentrating on high-value "focus categories" such as collectibles (including trading cards), motor parts and accessories, luxury fashion, and refurbished goods. These categories have consistently shown strong Gross Merchandise Volume (GMV) growth, with focus category GMV accelerating to over 15% in Q3 2025 and over 10% in Q2 2025, significantly outpacing core categories. Management commentary frequently highlights the outperformance of these segments, indicating continued investment and expectation for them to drive overall marketplace expansion.
- Leveraging AI for Enhanced Buyer and Seller Experiences: eBay is actively implementing Artificial Intelligence (AI) to improve both buyer and seller interactions, which is anticipated to drive engagement and transaction volume. Initiatives include AI-generated listing titles and images, which have led to higher quality scores and improved performance in product listing ads. This AI-driven personalization aims to deepen engagement with "enthusiast buyers" and streamline the selling process, ultimately contributing to increased GMV and, consequently, revenue.
- Expansion of Advertising, Shipping, and Financial Services: Beyond core marketplace transactions, eBay expects revenue growth to be driven by its advertising, shipping, and financial services offerings. These services are projected to contribute to revenue growth modestly higher than GMV. For example, the first-party advertising business grew by 17% in the most recent quarter. The expansion of partnerships, such as with Klarna in the US market, has also exceeded expectations, attracting a younger demographic and boosting sales of high-ticket items, which falls under financial services.
- Investment in New Commerce Formats like eBay Live: eBay Live, a newer initiative, is gaining traction with increasing GMV and watch time. This live commerce platform is expanding beyond its initial success in trading cards to include luxury watches, jewelry, and apparel, offering a new avenue for transactions and engagement. The continued development and expansion of such innovative formats are expected to attract more users and drive sales.
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Share Repurchases
- eBay repurchased $3.1 billion of common stock in 2024, following $1.401 billion in 2023 and $3.143 billion in 2022.
- In 2024, eBay's Board authorized an incremental $2.0 billion in February and an additional $3.0 billion in December for its stock repurchase program.
- As of December 31, 2024, approximately $3.3 billion remained available under the stock repurchase program for future repurchases.
Share Issuance
- Proceeds from the issuance of common stock were minimal, totaling $34 million in 2024, $35 million in 2023, and $92 million in 2022.
- eBay is authorized to issue 3.6 billion shares of common stock.
Outbound Investments
- eBay completed the acquisition of Caramel, an online automotive transaction solution provider, in February 2025, which it had agreed to acquire in January 2025.
- Notable acquisitions include Goldin Auctions in April 2024 (undisclosed amount) and TCGplayer.com for $295 million in August 2022.
- In 2024, eBay executed strategic divestitures, including the sale of Adevinta ASA shares, resulting in $2.4 billion in cash and shares, and the sale of its remaining stake in Gmarket Global LLC.
Capital Expenditures
- Capital expenditures were consistently within the range of -$444 million to -$458 million from 2021 to 2024.
- For 2025, capital expenditures are forecast to be between 4-5% of revenue, with an estimate of $528.9 million.
- The primary focus of these expenditures includes investments in computer equipment, software applications, engineering development services, construction contracts, and AI-driven initiatives.
