EBAY eBay Inc

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 1, 2024

 

 

eBay Inc.

(Exact name of registrant as specified in its charter)

 

Delaware	001-37713	77-0430924
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		Identification No.)

 

2025 Hamilton Avenue

San Jose, California 95125

(Address of principal executive offices)

 

(408) 376-7108

(Registrant’s telephone number, including area code)

 

Not Applicable.

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of exchange on which registered
Common stock	EBAY	The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 7.01. Regulation FD Disclosure.

 

On October 1, 2024, eBay Inc. (the “Company”) announced certain business plans internally with a letter to Company employees from Jamie Iannone, its President and Chief Executive Officer, which is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

 

The information in this Item 7.01 and Exhibit 99.1 are furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

 

Cautions Regarding Forward Looking Statements

 

This Current Report on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including, but not limited to, statements related to the Company’s expected business performance; its plans for selling fees, buyer-facing fees and various service offerings to its customers, including the Company’s monetization roadmap in relation to implementation of these plans; the expected timing of implementing these plans; the expected benefits of these plans, including the potential to drive holistic growth and unlock more of the Company’s target addressable market opportunity in recommerce; expected benefits of horizontal innovations; and the Company’s plan to disclose further details regarding its future plans. Words such as “plan,” “believe,” “will,” “could,” “future,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based upon the Company’s current plans, assumptions, beliefs, and expectations. Forward-looking statements are subject to the occurrence of many events outside of the Company’s control. Actual results and the timing of events may differ materially from those contemplated by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, the risk that the Company’s business plans may negatively impact the Company’s overall financial performance and revenue, long-term growth, business operations and reputation with or ability to serve buyers and sellers; the risk that the Company’s business plans and strategic initiatives may not generate their intended benefits to the extent or as quickly as anticipated; and other risks and uncertainties discussed in the reports on Forms 10-K, 10-Q and 8-K and in other filings the Company makes with the Securities and Exchange Commission from time to time, available at www.sec.gov. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained herein speak only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

  

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

The following materials are attached as exhibits to this Current Report on Form 8-K:

 

Exhibit
Number		Description
99.1		Letter to eBay employees from Jamie Iannone, dated October 1, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	eBay Inc.
	(Registrant)
Date: October 1, 2024	/s/ Molly Finn
	Name: Molly Finn
	Title: Vice President & Deputy General Counsel, Corporate & Assistant Secretary

Exhibit 99.1

 

Team,

 

I wanted to share some exciting news just announced in the UK. Beginning today, eBay is removing selling fees for consumer-to-consumer (C2C) sellers in the UK for domestic transactions across all categories, excluding motors. This follows the introduction of free selling in pre-owned apparel categories for UK C2C sellers earlier this year.

 

Additionally, we are introducing significant enhancements for our UK customers, including a streamlined listing process, simple delivery, a revamped local pickup experience, and enhanced wallet functionality through eBay Balance.

 

Today’s announcement was many months in the making, and made possible through the hard work and collaboration of teams across the company. Importantly, this initiative was contemplated in our financial outlook provided to the investment community at Q2 2024 earnings.

 

We have a robust monetization roadmap to ensure these changes are good for both customers and our business overall. This includes value-added services like first-party advertising, financial services, and a new value proposition in shipping that we plan to scale in Q4. We are also planning to introduce a buyer-facing fee in the UK in early 2025 alongside a set of buyer enhancements that provide additional value. There will be more we can share on our future plans at Q3 2024 earnings and our next Global All Hands event.

 

Strategic focus on C2C

This is our second major initiative of its kind in as many years, and I believe it’s important to take this opportunity to discuss the strategic rationale behind our C2C initiatives.

 

C2C sellers make our marketplace more vibrant by bringing some of the most unique, hard-to-find, and well-priced inventory. C2C selling drives holistic growth on our marketplace, as buyers who sell, on average, purchase roughly twice as much on eBay as non-sellers, with most of their incremental spend supporting small business sellers.

 

Our initiative in Germany last year has shown us that eliminating selling fees can strengthen our marketplace by lowering the barriers to C2C selling, which improves the breadth and depth of inventory on eBay. Meaningful product experience improvements, many optimized for the German market, also improved important leading indicators like net promoter scores (NPS) and customer satisfaction (CSAT) in the region, which preceded a material improvement in GMV trends.

 

Our research tells us there are hundreds of millions of unused items in UK households that could be sold on eBay. We believe our efforts to reduce friction in C2C selling will unlock more of our target addressable market opportunity in recommerce, complemented by horizontal innovations like our Magical Listing experience.

 

I would like to thank the teams for your bold innovations, consistent execution, and effective cross functional collaboration. Your hard work is meaningfully changing the eBay experience for our sellers and buyers.

 

I am excited for what’s ahead.

 

Jamie

 

 

 

v3.24.3

Cover	Oct. 01, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 01, 2024
Entity File Number	001-37713
Entity Registrant Name	eBay Inc.
Entity Central Index Key	0001065088
Entity Tax Identification Number	77-0430924
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2025 Hamilton Avenue
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95125
City Area Code	(408)
Local Phone Number	376-7108
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock
Trading Symbol	EBAY
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

---