Executive Summary

• eBay reported fourth-quarter 2015 EPS of $0.50, in line with consensus expectations.
• Gross merchandise volume (GMV) was up 5% year over year, to $21.86 billion versus consensus of $22.02 billion. The number of active users in the period increased by 5%, to 162 million, from 159 million in the year-ago period, and was versus consensus of 160.9 million.
• The company provided first-quarter 2016 guidance for EPS of $0.43–$0.45 versus consensus of $0.48. Total revenues are expected to be $2.05–$2.10 billion versus consensus of $2.16 billion.
• Full-year guidance calls for EPS of $1.82–$1.87 versus consensus of $1.98. Total revenue is expected to be $8.5–$8.8 billion, compared to expectations of $8.99 billion.