eBay Inc - EBAY STOCK NEWS

On August 17, 2020, eBay announced a collaboration with renowned artists like Shepard Fairey and Jenny Holzer to launch an exclusive series of fine art bandanas under the campaign "Artists Band Together". Proceeds from these limited-edition artworks will support grassroots organizations such as Mijente, Rise, and Woke Vote, aimed at increasing voter turnout in the upcoming U.S. elections. The bandanas are priced at $35 each, with complete sets available for $525. This initiative underscores eBay's commitment to empowering the voting process and engaging young and disenfranchised voters.

eBay has partnered with LendingPoint to introduce the eBay Seller Capital program, providing U.S. sellers with access to funding for their businesses. This initiative allows eligible sellers to secure up to $25,000 in funding with quick decisions and flexible terms of up to 48 months. The program aims to support sellers during economic uncertainty, with no origination or early payback fees. The pilot program is rolling out now, with broader availability planned later this year.

eBay has partnered with NBA star P.J. Tucker to celebrate sneaker culture and the upcoming NBA season. The collaboration features an in-depth look at Tucker's sneaker loft, showcasing his impressive collection and favorite eBay finds. Consumers can 'Shop the Loft' until August 10, accessing exclusive sneakers inspired by Tucker’s selections. Notable items include Air Jordan 9 Retro Premio and Ben & Jerry's x Nike SB Dunk Low. eBay boasts 1.5 billion listings and 182 million active buyers globally, underlining its key position in the sneaker marketplace.

eBay is collaborating with PROVA Group and NFL legend Emmitt Smith to enhance authentication services for sports memorabilia. Starting July 31, 2020, sellers can use PROVA's SmarTag™ technology to verify items, ensuring buyers receive legitimate products. An exclusive auction featuring items from Smith's collection will run until August 5, 2020, with proceeds benefiting his charitable foundation. The partnership aims to boost collector confidence in the marketplace by providing a reliable verification process for rare collectibles.

eBay Inc. reported strong financial results for Q2 2020, with revenues of $2.9 billion, an 18% increase year-over-year. Active buyers grew by 5%, adding 8 million new customers for a total of 182 million. Gross merchandise volume was $27.1 billion, reflecting a year-over-year growth of 26%. The company announced a $9.2 billion deal to transfer its Classifieds business to Adevinta, poised to enhance its online classifieds presence. eBay also achieved significant milestones in managed payments, processing $4.7 billion in GMV and improving seller tools, despite a 26% revenue decline in Classifieds.

eBay launches a new digital content series called "Uncommon," celebrating unique stories from its community. The premiere episode features MLB pitcher Pat Neshek, showcasing his impressive trading card collection of over 50,000 autographed cards, with 95% sourced from eBay. The series aims to connect enthusiasts around collectibles and trading cards, highlighting personal stories and passions. The initiative comes alongside eBay's latest report on trading cards, further engaging its large community of 174 million active buyers globally.

eBay and Adevinta announced a definitive agreement for eBay to transfer its Classifieds business to Adevinta for approximately $9.2 billion. eBay will receive $2.5 billion in cash and about 540 million Adevinta shares, equating to a 44% equity stake and 33.3% voting stake. The acquisition is projected to generate annual synergies of $150 - $185 million over three years. The deal is subject to regulatory approvals and is expected to close by Q1 2021, allowing eBay to become the largest shareholder in Adevinta.

eBay has begun expanding its management of payments globally, moving beyond its previous Operating Agreement with PayPal. As of now, eBay manages payments for 42,000 sellers, processing $4.7 billion in GMV. The initiative aims to enhance the user experience, with expected revenues of $2 billion and operating income of $500 million in 2022. eBay plans to activate managed payments in the U.K., Australia, and Canada soon, transitioning most sellers by 2021. This shift is anticipated to provide sellers with cost savings and more payment flexibility.

eBay Inc. (NASDAQ: EBAY) addressed indictments against former employees related to improper actions toward a blogger and her husband, stating that no current employees were implicated. eBay initiated an investigation in August 2019 after being notified by law enforcement, resulting in the termination of involved staff, including the former Chief Communications Officer. The company's internal inquiry found inappropriate communications from ex-CEO Devin Wenig, but no evidence of his prior knowledge or authorization of the actions. eBay emphasized its commitment to ethical standards and apologized to the affected individuals.