eBay to Close GittiGidiyor Operations
eBay Inc. (NASDAQ: EBAY) announced on June 20, 2022, the upcoming closure of its Turkish marketplace GittiGidiyor, which it acquired in 2011. The decision was influenced by competitive market dynamics. Sellers can no longer list items starting June 20, and buyers will stop making purchases by July 18, 2022. Access to accounts remains until September 5, 2022. Despite the closure, eBay expects no material impact on Q2 or full year results, as GittiGidiyor accounted for approximately 4 million active buyers as of Q1 2022.
- Closure of GittiGidiyor may streamline eBay's operations in Turkey.
- No material impact on Q2 or full year results anticipated.
- Loss of GittiGidiyor may result in 4 million fewer active buyers.
- Closure reflects ongoing competitive challenges in the Turkish market.
SAN JOSE, Calif., June 20, 2022 /PRNewswire/ -- eBay Inc. (NASDAQ: EBAY) today announced it will be taking steps to close its marketplace business in Turkey, GittiGidiyor. eBay acquired the majority stake in GittiGidiyor in 2011 and has operated the business as an independent platform. eBay regularly reviews its business operations globally and made this difficult but strategic decision based on the ongoing competitive dynamics in the market.
eBay will work closely with GittiGidiyor buyers and sellers to assist in the migration off the platform, and will share more detailed information with them directly later today. As of today, sellers will no longer be able to list new items and as of July 18, buyers will no longer be able to make new purchases. Buyers and sellers will be able to access their My Account page until September 5, 2022.
The closure of the GittiGidiyor business is not anticipated to have a material impact on eBay's Q2 or full year results. For reference, GittiGidiyor contributed approximately 4 million active buyers to eBay's consolidated active buyer count at the end of Q1 2022.
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, plans to close the Turkey marketplace business and the potential impacts on eBay's financial results of such plans. 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, 2021 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.
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. 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 2021, eBay enabled over
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SOURCE eBay Inc.
FAQ
Why is eBay closing GittiGidiyor in Turkey?
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