eBay Inc. Reports Korea Businesses as Discontinued Operations and Releases Updated Historical Financials
eBay has announced the sale of its businesses in Korea to Emart, officially classifying them as discontinued operations in its financial statements starting Q2 2021. This decision, made public on July 13, 2021, will also prompt a restatement of historical financial results. eBay plans to report its second quarter earnings on August 11, 2021. The move aligns with eBay's strategy to streamline operations and focus on growth in other markets.
- Strategic divestiture of underperforming assets in Korea.
- Focus on core markets expected to enhance overall business performance.
- Potential loss of revenue from the discontinued operations in Korea.
- Uncertainties surrounding the sale's completion and realization of projected benefits.
SAN JOSE, Calif., July 13, 2021 /PRNewswire/ -- During the second quarter of 2021, eBay Inc. (NASDAQ: EBAY) and Emart announced they reached an agreement for the purchase by Emart of eBay's businesses in Korea and determined that it met the criteria for the classification of held-for-sale accounting and discontinued operations. Accordingly, eBay's businesses in Korea will be reflected in eBay's condensed consolidated financial statements as discontinued operations beginning in the second quarter 2021. Please refer to the 8-K filed today for a restatement of historical financial results.
eBay's second quarter 2021 results will be reported and discussed on its quarterly conference call and webcast on August 11, 2021.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects millions of buyers and sellers in 190 markets around the world. We exist to enable economic opportunity for individuals, entrepreneurs, businesses and organizations of all sizes. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2020, eBay enabled
Cautions Regarding Forward Looking Statements
Certain statements herein are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Such forward-looking statements are often identified by words such as "anticipate," "approximate," "believe," "commit," "continue," "could," "estimate," "expect," "hope," "intend," "may," "outlook," "plan," "project," "potential," "should," "would," "will" and other similar words or expressions. Such forward-looking statements reflect eBay's current expectations or beliefs concerning future events and actual events may differ materially from historical results or current expectations. The reader is cautioned not to place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of eBay. The forward-looking statements in this document address a variety of subjects including, for example, the closing of the transaction and the potential benefits of the transaction. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the possibility that regulatory and other approvals and conditions to the transaction are not received or satisfied on a timely basis or at all; the possibility that eBay may not fully realize the projected benefits of the transaction; changes in the anticipated timing for closing the transaction; business disruption during the pendency of or following the transaction; diversion of management time on transaction-related issues; the reaction of customers and other persons to the transaction; and other events that could adversely impact the completion of the transaction, including the ongoing COVID-19 pandemic and other industry or economic conditions outside of our control. In addition, actual results are subject to other risks and uncertainties that relate more broadly to eBay's overall business, including those more fully described in eBay's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the fiscal year ended December 31, 2020 and subsequent quarterly reports on Form 10-Q. The forward-looking statements in this document speak only as of this date. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.
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SOURCE eBay Inc.
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