Ebay Inc. Stock Price, News & Analysis

eBay and McLaren Formula 1 Team have unveiled a custom American muscle car at the US Grand Prix in Austin, TX. The one-of-a-kind restomod, built to celebrate McLaren's outstanding 2024 F1 season, was revealed when team driver Lando Norris arrived at Circuit of the Americas in the vehicle. The project features a '70s-era muscle car, specifically a 1973 Plymouth Barracuda, extensively upgraded with parts from eBay's marketplace.

The car showcases various modifications, including a coilover suspension conversion, forged disc brakes, performance exhaust system, and motorsports-style bucket seats. Wrapped in McLaren's signature 'papaya' color, the vehicle is on display at the eBay x McLaren F1 Team Garage in the Fan Field throughout the race weekend. Fans can vote on final touches and watch the modifications being made.

eBay has announced the global expansion of its Circular Fashion Fund (CFF), designed to help fashion start-ups scale circular solutions. The fund will provide a $1.2 million investment to start-ups in global markets by the end of 2025, along with over 200 hours of mentoring and networking support. Applications are open until November 15, 2024.

The CFF is launching in the US and Germany for the first time, having successfully expanded to Australia last year. In partnership with the Council of Fashion Designers of America (CFDA), the US winner will receive a $50,000 cash prize, with two runners-up receiving $25,000 each. eBay Ventures will select one global winner as the 'Circular Fashion Innovator of the Year' to receive an additional $300,000 investment.

The initiative aims to transform the buying and selling experience, enabling more brands, sellers, and buyers to participate in circular fashion. Winners will be chosen by a panel of industry experts across fashion, academia, and sustainability.

eBay has announced the recipients of its fifth annual Up & Running Grants program, awarding $500,000 and technology stipends to 50 U.S. sellers. Each selected seller will receive $10,000, along with training and mentorship to help grow their businesses. Additionally, finalists will get a $500 stipend for essential business technology from eBay Refurbished.

The program received over 18,000 submissions, its largest and most diverse pool to date, with a 19% increase in early-stage entrepreneurs compared to last year. This emphasizes eBay's commitment to supporting small businesses and entrepreneurship. The grants cover various business categories, including collectibles, auto parts, sneakers, and electronics.

Since its establishment in 2020, the Up & Running Grants program has been part of eBay's mission to create economic opportunity and invest in small business growth. The company reports a 162% increase in grant applications this year, highlighting the program's growing importance for small business sellers on the platform.

eBay Inc. (Nasdaq: EBAY) has announced the appointment of Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary, effective October 7, 2024. Wellington will oversee all global aspects of eBay's legal department, reporting directly to CEO Jamie Iannone.

Wellington joins eBay from TriNet, where she served as Executive Vice President of Business Affairs, Chief Legal Officer, and Secretary. She previously spent 12 years at Oracle in various senior legal positions. Wellington holds degrees in Creative Arts, Laws, and a Master of Laws in Communication and Technology Law.

CEO Jamie Iannone praised Wellington's expertise in navigating complex legal and regulatory environments, as well as her passion for empowering small businesses. Wellington replaces Marie Oh Huber, who left eBay in June after nine years as General Counsel.

eBay Inc. (Nasdaq: EBAY) has announced the appointment of William (Bill) D. Nash to its Board of Directors, effective September 18, 2024. Nash, the current president and CEO of CarMax, brings extensive experience in retail, e-commerce, and technology development to eBay's board.

Nash's appointment is expected to contribute to eBay's strategy and focus on sustainable, long-term growth. Under Nash's leadership, CarMax has undergone a significant transformation, investing in technology and digital initiatives to become an omnichannel retailer. Nash has been with CarMax since 1997, holding various senior roles before becoming CEO in 2016.

Following this addition, eBay's Board of Directors will consist of eleven members, with ten being independent. The board regularly evaluates its composition to maintain an appropriate mix of skills, qualifications, and diversity to oversee the company's business and long-term strategy effectively.

eBay announces its inaugural Pre-Loved Fashion Week in partnership with the Council of Fashion Designers of America (CFDA) and British Fashion Council (BFC). The event features a live, shoppable runway show called 'Endless Runway' showcasing pre-loved looks from top designers. The shows will precede the SS2025 Official New York and London Fashion Week schedules, followed by daily drops on eBay curating the best pre-loved fashion.

The initiative taps into the growing demand for circular fashion, with nearly $50 billion worth of secondhand luxury products sold worldwide in 2023. On eBay, pre-loved and refurbished items make up 40% of gross merchandise volume. The Endless Runway shows in New York and London will make eBay's selection of pre-owned designer clothing and accessories immediately shoppable via eBay Live.

eBay Inc. reported its Q2 2024 financial results, showcasing revenue of $2.6 billion, a 1% increase year-over-year. Notably, Gross Merchandise Volume (GMV) rose by 1% to $18.4 billion. The company achieved a GAAP EPS of $0.45 and Non-GAAP EPS of $1.18. Operating margins were 21.3% (GAAP) and 27.9% (Non-GAAP). eBay returned $1.1 billion to shareholders through share repurchases and dividends. CEO Jamie Iannone emphasized growth in Focus Categories and AI-driven innovations. CFO Steve Priest highlighted strategic execution amid uneven demand. eBay's Q3 guidance projects revenue between $2.5 to $2.56 billion and Non-GAAP EPS of $1.15 to $1.20. The company declared a $0.27 per share dividend payable on September 13, 2024.

eBay (NASDAQ: EBAY) has introduced Business Cash Advance, a new revenue-based financing product under eBay Seller Capital in partnership with Liberis. The product aims to provide U.S. eBay sellers with up to $1 million in working capital within 24 hours. Key features include a seamless, fully online application process, pre-approved funding offers from $500 to $1M, fast transfer of funds within 12-24 hours post-approval, flexible payment schedules, and transparent reporting via the eBay Seller Hub. This initiative supports small businesses by offering tailored financial solutions to enhance their growth.

Elton John is partnering with eBay to launch the 'Rocket Man Resale' auction, featuring a collection of his pre-loved fashion items. The auction will include pieces from his wardrobe, such as Gucci jackets, Versace robes, and Prada loafers, as well as affordable items like concert T-shirts and baseball caps. The auction begins on June 27, 2024, and all proceeds will benefit the Elton John AIDS Foundation. The event will be live-streamed on eBay Live, hosted by Emma Rogue and Stephen Sanchez, and will feature appearances by Elton John and David Furnish. Select items from other celebrities will also be available. The auction will run for 10 days, with starting bids at $26.60. eBay's platform aims to attract its 132 million global active buyers, promoting sustainable fashion and supporting the fight against LGBTQ+ stigma and HIV care access.