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Wednesday, Sep 18
eBay launching Brazilian fashion app, ITG reports of PayPal slowdown
- eBay (EBAY -1.3%) is set to launch a Portuguese-language version of its eBay Fashion Android/iOS apps for Brazilian consumers. Though not a huge move in and of itself, the apps will be the first eBay-branded products to hit Brazil, and thus represent the e-commerce giant's entry into Latin America's largest market (population of 199M).
- MercadoLibre (MELI -1.9%) is selling off on the news. Brazil is the Latin American e-commerce leader's largest market, and one that delivered 22% Y/Y rev. growth in Q2. In the past, MercadoLibre has sold off on concerns Amazon is getting ready to enter Brazil.
- Meanwhile, in a note that seems to be pressuring eBay shares, ITG Research reports its checks indicate PayPal's payments growth is slowing. The firm estimates PayPal has grown to account for ~40% of eBay's earnings.