eBay (EBAY) Morgan Stanley Technology, Media & Telecom Conference summary

Strategic evolution and business momentum

• Shifted focus to non-new in season and category-specific strategies, driving over 5% growth in Focus Categories and three consecutive quarters of positive business growth.

• Investments in generative AI and horizontal capabilities have transformed customer experience and fueled momentum across geographies and categories.

• Focus Categories, such as Parts & Accessories and trading cards, have outpaced market growth, supported by innovations like Magical Listing and partnerships.

• Core Categories returned to positive growth, aided by full funnel marketing and platform-wide enhancements.

• Strategic work and investments provide strong momentum heading into 2025.

Macro environment and growth outlook

• U.S. consumer shows resilience, while U.K. and Germany remain stagnant with low GDP growth forecasts.

• Despite macro headwinds, Focus Categories grew 6% in Q4, and Core Categories were positive.

• Q1 GMV guidance reflects holiday momentum, calendar effects, and macro uncertainty, but investments support confidence in sustained low single-digit growth for 2025.

AI-driven innovation and operational efficiency

• Generative AI is integrated across all customer and internal experiences, streamlining selling, buying, marketing, and support.

• Over 10 million sellers have used AI features, with 200 million listings and billions in GMV attributed to these initiatives.

• CapEx remains at 4-5% of revenue despite increased GPU investments, with AI driving efficiency and capacity for reinvestment.

• Magical Listing achieves over 90% customer satisfaction and reduces listing time, unlocking significant inventory potential.