EBAY (=) : Corporate Contact: Takeaways from Group Lunch with CFO & IR

研报英文原文证据摘录

EBAY (=) : Corporate Contact: Takeaways from Group Lunch with CFO & IR

EQUITIES

INTERNET & MEDIA

EBAY NEUTRALPRICE* USD113.0  TARGET PRICE USD110 (DOWNSIDE 3%)

FLASH NOTE

Corporate Contact: Takeaways from Group Lunch with CFO & IR

14 MAY 2026 Securities Research Report Production time: 20:34* (London time)

Research Analyst & Publishing Entities

Nick Jones BNP Paribas Securities Corp (1) +1 (929) 742-0211 nick.2.jones@us.bnpparibas.com

What happened?

We attended a sell-side luncheon with eBay’s CFO, Peggy Alford, and Head of IR, John Egbert, on May 14, where

discussions focused on progress across key strategic priorities (i.e., focus categories, C2C, recommerce, and eBay

Live), the impact of AI across both internal operations and the consumer experience, consumer spending patterns, the

company’s ad revenue strategy, and the integration of Depop as fashion becomes an increasingly important contributor

to eBay’s business.

Key takeaways:

(1) AI continues to improve the experience across both buyers and sellers, with the ‘Magical Listing’ feature lowering

friction for sellers and helping drive listings growth, while AI-driven traffic, though still nascent, remains higher intent;

(2) eBay Live continues to drive engagement, with sellers increasingly using external platforms to funnel traffic back to

eBay; (3) management noted broad-based category strength, with newer tools helping support growth across the

marketplace; (4) eBay continues to work through regulatory approvals for Depop (which is on time), as the platform is

seeing solid momentum and expanding eBay’s reach into younger female demographics as fashion remains a strong

category; (5) eBay continues to reduce friction through services like Authentication and Shipping, helping improve trust