eBay Inc - EBAY STOCK NEWS

eBay (Nasdaq: EBAY) announced a strategic partnership with bidadoo, a prominent online auction company specializing in heavy equipment. This collaboration aims to enhance eBay's offerings in the $50-$60 billion used heavy equipment market, particularly as online sales have surged post-COVID. Bidadoo will leverage its expertise and eBay's platform to provide buyers with access to a wide array of equipment, supported by eBay's Business Equipment Protection Program. Both companies intend to improve the online buying experience, combining technology and customer trust.

eBay Inc. (Nasdaq: EBAY) reported strong Q2 2021 results, with revenue of $2.7 billion, up 14% year-over-year. Key highlights include a 5% increase in annual active sellers, generating $910 million in free cash flow. However, gross merchandise volume (GMV) fell 7%, and annual active buyers declined by 2%. eBay completed the sale of its Classifieds business for $2.5 billion, increasing its share buyback program to $5 billion. The company continues to focus on payment migrations, with 71% of on-platform volume processed through managed payments.

eBay has announced the extension of its Up & Running Grants program for another year, committing over $500,000 annually to support small businesses. This initiative will provide 50 US sellers with $10,000 in grant packages, inclusive of cash and educational resources. The program aims to help small businesses thrive online and tackle ongoing challenges exacerbated by the pandemic. Participants will also gain access to mentorship and resources through a partnership with Hello Alice, enhancing their ability to succeed in the e-commerce landscape.

eBay has partnered with Samsung Electronics America to expand its Certified Refurbished program, now offering select Galaxy mobile products at discounts up to 50%. These products are available through ebay.com/SamsungDirect, featuring items like the Galaxy S20 Ultra 5G and Galaxy Watch at significant markdowns. Sarah Sternau, GM of Certified Refurbished at eBay, highlighted the program's success in providing high-quality refurbished goods, meeting increasing consumer demand for value and sustainability, particularly among millennials and Gen Z.

eBay has unveiled new features for trading card enthusiasts, launching the Price Guide and Collection tools to aid users in tracking and managing their trading card portfolios. Available in beta across Android, desktop, and iOS, these tools utilize eBay's vast data to provide real-time market valuation and streamline the buying/selling process. In Q1 2021, the trading card category generated over $1 billion in GMV, with active buyers doubling. The tools support various card types, enhancing user experience with easy access to market data.

eBay Inc. (Nasdaq: EBAY) announced the sale of approximately 125 million shares of its stake in Adevinta to Permira for about $2.25 billion, reflecting a 7% discount to the 10-day volume weighted average price as of July 12, 2021. This transaction will reduce eBay's ownership in Adevinta from 44% to 34%. An additional option allows Permira to buy another 10 million shares for an extra $180 million. The deal aims to satisfy eBay's commitment to Austrian regulators while benefiting its shareholders. The transaction is expected to close in Q4 2021, pending regulatory approvals.

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.

eBay Inc. has successfully transferred its Classifieds business to Adevinta for $2.5 billion in cash and a 44% equity stake in Adevinta. The net cash proceeds after tax amount to approximately $2 billion, allowing eBay to increase its share buyback program from $2 billion to $5 billion. eBay will reduce its ownership stake in Adevinta to 33% or less in the next 18 months due to regulatory concerns. CEO Jamie Iannone expressed optimism about the future potential of the combined businesses.