eBay Snoozefest

eBay released earnings earlier today for Q4 and the full fiscal year. Overall, the auction house posted tepid growth in users, listings and overall merchandise sold via site. Earnings per share largely showed a decent growth rate due to $1 billion in shares repurchased. While I don't expect eBay to ever return to blockbuster growth, I am hopeful the site changes in product hierarchies will provide a better organized site allowing for a return to double digit growth. A couple of highlights:

  • Active buyers were up 3%
  • Sold items were up 5%, GMV in US up 3%, GMV in International markets up 7%
  • Stubhub saw a sharp deceleration in growth rates to 20% down from 40% and 32% in prior two quarters
  • Earnings per share were up 8% but largely a result of a $1 billion share repurchase paid for by the sale of the $1.3 billion MercadoLibre stake
  • Q1 revenue guidance of up 2-4% with EPS growth of -2% to up 2%
Source: http://files.shareholder.com/downloads/eba...