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Wednesday, January 31, 2018

=eBay (EBAY) reported earnings on Wed 31 January 2018 (a/h)

Ebay said it will “intermediate” its payments system, suggesting it will rely less on PayPal (PYPL), the payments pioneer it once owned and later spun out.

  • CEO Devin Wenig described how the company will be developing more of a role in payments, while being careful to endorse the company's ongoing work with PayPal: Finally, let me touch on our strategy and approach for payments on eBay. We've been looking closely at the customer payments experience and the economics under our existing PayPal relationship. After careful consideration, we believe that we can offer a more seamless experience while giving buyers and sellers more choice for payment and payout options.

eBay reports EPS and revs in-line; guides Q1 EPS in-line, revs above consensus with upside FY18 guidance 
  • Reports Q4 (Dec) earnings of $0.59 per share, excluding n items, in-linewith the Capital IQ Consensus of $0.59; revenues rose 9.1% year/year to $2.61 bln vs the $2.61 bln Capital IQ Consensus.
  • In the fourth quarter, eBay grew active buyers by 5% across its platforms, for a total of 170 million global active buyers. Underlying total eBay Inc. performance, the Marketplace platforms delivered $23.0 billion of GMV and $2.1 billion of revenue. Marketplace GMV was up 9% on an as-reported basis and 6% on an FX-Neutral basis, driven by strong holiday performance in the US and continued expansion of new user experiences. StubHub drove GMV of $1.4 billion, up 16% on an as-reported basis and 15% on an FX-Neutral basis, and revenue of $307 million, up 10% on both an as-reported basis and FX-Neutral basis driven by a strong concerts and sports landscape. Classifieds platforms delivered another quarter of double-digit growth with revenue of $244 million, up 21% on an as-reported basis and 13% on an FX-Neutral basis, driven primarily by strength in Germany. 
  • Co sees Q1 EPS of $0.52-0.54, excluding items, vs. $0.52 Capital IQ Consensus Estimate; sees Q1 revs of $2.57 -2.61 billion vs. $2.4 bln Capital IQ Consensus Estimate.
  • Co issues upside guidance for FY18, sees EPS of $2.25 - $2.30, excluding items, vs. $2.23 Capital IQ Consensus Estimate; sees FY18 revs of $10.9 -11.1 billion vs. $10.28 bln Capital IQ Consensus Estimate.
  • In January 2018, eBay's board of directors authorized an additional $6.0 billion stock repurchase program, with no expiration from the date of authorization. The company's stock repurchase program is intended to programmatically offset the impact of dilution from its equity compensation programs and, subject to market conditions and other factors, to make opportunistic and programmatic repurchases of its common stock to reduce its outstanding share count. Any share repurchases under the company's stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from the company's working capital or other financing alternatives.

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