eBay Inc. (EBAY)

On 20 October 2026 eBay announced a restructuring plan that cuts its global workforce by about 9 percent, and said it expects third-quarter 2026 results above its earlier guidance ranges 3.

The company expects pre-tax charges of $130 million to $150 million, mostly for severance, with the majority in the fourth quarter of 2026 3. Reuters reported that the cut means around 1,100 jobs, on the 12,300 staff eBay had at the end of last year, after 800 left in February 7.

Chief executive Jamie Iannone told staff in a memo reviewed by Reuters that eBay wants to simplify operations and shift resources to its fastest-growing areas 7. The company's own filing says the plan is meant to align teams with its top strategic priorities 3.

The newest quarter on file, the three months to 30 June 2026, brought revenue up 15 percent to $3.1 billion, with gross merchandise volume, the total value of paid sales, at $22.4 billion 2.

Reuters said eBay was slated to report its next earnings the week after the memo 7. The filing lists the risk that the restructuring may distract employees and hurt revenue 3.

eBay was founded in 1995 in San Jose, California, and its shares have traded on the Nasdaq market under EBAY since 24 September 1998 1.

In 2015 it split off PayPal as a separate company under an agreement dated 26 June 2015, and it still carries shared indemnity duties toward PayPal 12.

Revenue rose 8 percent to $11.1 billion in 2025 from $10.3 billion in 2024, which was itself 2 percent above $10.1 billion in 2023 1.

The company said the rise came mainly from higher gross merchandise volume, more first-party advertising and the ramp of its U.K. shipping program, partly offset by lower fees from a U.K. consumer-to-consumer initiative 1.

Advertising revenue, fees sellers pay to promote listings, grew 22 percent to $2.0 billion, while marketplace revenue, mostly commissions, grew 5 percent to $9.1 billion 1.

Operating margin, the share of revenue left after running costs, fell to 20.5 percent from 22.5 percent in 2024, mainly on higher legal and restructuring costs and higher shipping program costs 1.

In the second quarter of 2024 eBay sold 227 million Adevinta shares for $2.4 billion in cash and swapped 177 million more for a stake in a new owner of that business, Aurelia 2.

It then sold part of the Aurelia shares for $1.0 billion in cash, leaving 8.3 percent of Aurelia 2.

In 2025 it bought Caramel, an online car-transaction provider, and Tise, a social marketplace based in Oslo, Norway 1.

On 18 February 2026 eBay and Etsy announced that eBay would buy Depop, a fashion resale marketplace, for approximately $1.2 billion in cash 10. The deal closed on 30 July 2026, and eBay paid $1.4 billion after preliminary price adjustments 2.

Marketplace and advertising

eBay runs an online marketplace at ebay.com and local sites, and earns revenue mainly from fees on paid sales, first-party advertising and shipping 1.

In 2025 it enabled nearly $80 billion of gross merchandise volume, 51 percent of it outside the United States, and ended the year with 135 million active buyers and 2.5 billion live listings 1.

Marketplace revenue was 82 percent of the 2025 total and advertising 18 percent (computed) 1. First-party advertising on the eBay platform brought in $570 million in the second quarter of 2026, up 25 percent, the company said 6.

Focus categories and new tools

The company says its strategy centres on enthusiast shoppers in focus categories such as motors parts, collectibles, refurbished items, apparel, luxury goods and sneakers 1.

It offers one-click trading card grading through a partnership with PSA, and live shopping through eBay Live, whose sales volume grew roughly eight times in the second quarter across seven markets 16.

Its Authenticity Guarantee, an expert check of an item before it ships, now covers more than 100 fashion brands in the U.S. and U.K. 6.

People and workforce

Jamie Iannone has been President and Chief Executive Officer since April 2020, and Peggy Alford is Senior Vice President and Chief Financial Officer 4. Paul Pressler is the independent Chair of the Board 4.

The 2026 proxy statement proposed 11 director nominees for the annual meeting of 17 June 2026 4. At the end of 2025 eBay employed approximately 12,300 people, about 7,200 of them in the United States 1.

Rivals and current problems

The annual report names retailers, auctioneers, search engines and other online and offline channels as competitors, and says competition rests on price, selection, services, technology and reach 1.

In May GameStop made an unsolicited takeover offer worth $56 billion in cash and stock, and said it held a 5 percent stake in eBay, the Associated Press reported 8.

eBay's board rejected it, describing it as "neither credible nor attractive" 9. Retail Gazette, citing the Financial Times, reported that GameStop's chief executive Ryan Cohen replied that eBay's own shareholders deserve to evaluate the proposal 9.

Amounts accrued for legal and regulatory proceedings were not material as of 30 June 2026, the company said 2.

The umbrella, in words

The main brand is eBay itself 1. The company also owns Depop (closed 30 July 2026), the card auction house Goldin, Tise and Caramel 261.

Exhibit 21 lists six subsidiaries as of 31 December 2025 5. They are eBay GmbH (Germany), eBay Sarl (Luxembourg), two Swiss companies, eBay (UK) Limited and eBay Commerce Inc. (United States) 5.

eBay owns about 8.3 percent of the preferred and common shares of Aurelia as of 30 June 2026, carried at $474 million, a stake that grew out of its Adevinta shares 2.

Its headquarters in San Jose occupy about 0.5 million square feet, its owned data centers are in Utah, and it uses properties in the United States and 23 other countries 1.

The proxy statement counted 445,011,181 shares outstanding on 15 April 2026 4. It reports BlackRock beneficially owned 43,874,025 shares at 31 December 2023, from a Schedule 13G/A filed on 25 January 2024 4.

Vanguard Capital Management reported 33,728,890 shares at 31 March 2026 in a filing of 29 April 2026, and State Street reported 24,437,654 shares at 31 December 2024 in a filing of 5 February 2025 4.

eBay expects the actions under the restructuring plan to be substantially complete by the end of the first quarter of 2027, subject to local law and consultation rules 3.

It says the expense savings from the plan will be used to further its strategic and operating initiatives, and that it may incur other charges not now contemplated 3.

On 5 August 2026 eBay guided third-quarter revenue of $3.07 billion to $3.12 billion and gross merchandise volume of $22.0 billion to $22.4 billion, including Depop 6.

On 20 October 2026 it said it expects third-quarter results above those ranges 3.

As of 30 June 2026 about $2.0 billion remained under its repurchase authorization, and the company says it expects to keep buying back stock on an opportunistic and programmatic basis 61.

At the Depop announcement the companies said Depop is expected to keep its name, brand, platform and culture 10.