Investment Thesis
eBay operates a global marketplace focused on enthusiasts and refurbished goods, generating high-margin transaction and advertising revenue. Focused verticals, payments modernization, and promoted listings drive growth.
- Enthusiast Verticals: Focus categories like sneakers, motors, and collectibles lift GMV.
- Advertising Attach: Promoted Listings and cost-per-click ads increase take rate.
- Payments Migration: Managed payments improve customer experience and economics.