eBay's Disappointing Q3 Results and Holiday Outlook Cause Stock Slide
eBay Inc. reported its third-quarter 2023 financial results, with revenue reaching $2.5 billion, a 5% increase on an as-reported basis. Gross Merchandise Volume (GMV) was $18.0 billion, up 2% on an as-reported basis. The company's GAAP and Non-GAAP earnings per diluted share were $2.46 and $1.03, respectively. eBay returned $783 million to shareholders in Q3 through share repurchases and cash dividends. The company highlighted its strategic initiatives, including the expansion of its advertising products and the launch of new services such as consignment and authenticity guarantee for luxury items. eBay also announced various partnerships and programs aimed at driving customer satisfaction and growth.