Executive Summary

• eBay reported 4Q16 revenues of $2.4 billion, up 3.1% year over year and in line with the consensus estimate. Gross merchandise volume (GMV) was $22.3 billion, up 2% year over year as reported and up 5% on a currency-neutral basis. Adjusted EPS was $0.54, compared with $0.50 in the year-ago quarter, beating the consensus estimate by a penny.
• The company’s Marketplace platforms achieved GMV of $21.1 billion, up 2% year over year, and revenues of $1.6 billion, up 1%. StubHub achieved GMV of $1.2 billion, up 5% year over year, and revenues of $274 million, up 18%.
• For 2017, the company expects revenues of $9.3–$9.5 billion, with the midpoint slightly above the consensus estimate of $9.36 billion, and adjusted EPS of $1.98–$2.03, below the consensus estimate of $2.07.