May 21, 2015, 2:58 AM
- eBay (NASDAQ:EBAY) is testing an Amazon (NASDAQ:AMZN) Prime-like program in Germany that it plans to roll out more broadly in the country later this year, although it's still not clear if it would introduce the service elsewhere.
- The offering, known as eBay+, promises free, fast shipping and returns for customers who, according to local press in Germany, pay €15 to €20 a year.
- Related: Wal-Mart details its Amazon Prime rival: $50/year unlimited shipping (May. 13 2015)
May 19, 2015, 6:31 PM
- PayPal (NASDAQ:EBAY) will pay $15M in consumer refunds and $10M in civil penalties to settle a complaint from the Consumer Financial Protection Bureau (CFPB) alleging its e-commerce credit service (now known as PayPal Credit, previously known as Bill Me Later) signed up customers without permission (leading them to incur interest/late fees), directed users to the service instead of other payment methods, and mishandled billing disputes. (the complaint - .pdf)
- PayPal has also agreed to improve its disclosures. The company isn't admitting or denying any of the CFPB's allegations.
- Earlier this year, eBay sold an 85% interest in a pool of U.S. credit receivables. CFO Robert Swan stated on the Q1 CC (transcript) the move will "free up approximately $700 million of incremental capacity in the U.S. to fund PayPal's growth."
Apr. 28, 2015, 1:51 PM
- Looking to speed checkout times for online shoppers (and in doing so get them to pay with PayPal instead of an alternate option), PayPal (EBAY +1.3%) has extended its One Touch payments service (allows users to pay without having to enter their username/password) to websites. One Touch launched on mobile apps last fall; some clients have reported seeing major increases in conversion rates after adopting it.
- The solution takes aim at Stripe, which has often been praised by merchants for offering better and easier integration with their sites than PayPal, as well as providing better management tools and customer support. Stripe, valued at $3.6B in a recent funding round, has a customer base that includes OpenTable, Salesforce, and Rackspace; it has also struck deals to handle payments on Facebook and Twitter's sites/apps.
- The move comes ahead of a PayPal spinoff expected to boost the company's ability to strike deals with eBay marketplace rivals. eBay's PayPal division revenue rose 14% Y/Y in Q1 to $2.1B, and its payment volume 18% to $61.4B.
Apr. 22, 2015, 5:35 PM
Apr. 22, 2015, 4:37 PM
- eBay (NASDAQ:EBAY) reports total payment volume rose 18% to $61B in Q1.
- U.S. revenue up +8% Y/Y and -10% Q/Q (holiday).
- International revenue +2% Y/Y.
- Merchant services volume +26%.
- PayPal active accounts +11% to 165M. Active transactions +24% to top a billion.
- Higher engagement for PayPal was struck with transaction count and monetization per account both higher.
- Guidance: The company sees Q2 revenue of $4.4B-$4.5B vs. $4.67B consensus and EPS of $0.71-$0.73 vs. $0.71 consensus. Full-year revenue of $18.35B-$18.85B seen vs. $18.95 consensus.
- Previously: eBay beats by $0.07, beats on revenue
- EBAY +4.1% after hours.
Apr. 22, 2015, 4:17 PM
- eBay (NASDAQ:EBAY): Q1 EPS of $0.77 beats by $0.07.
- Revenue of $4.45B (+4.5% Y/Y) beats by $30M.
- Shares +4.2%.
Apr. 21, 2015, 5:35 PM| Apr. 21, 2015, 5:35 PM | 6 Comments
Apr. 13, 2015, 5:25 PM
- EBAY has named Home Depot merchandising SVP Harry Hal Lawton the head of its North American marketplaces ops. Lawton's predecessor, Christopher Payne, recently left to become the CEO of Tinder.
- Scott Cutler, most recently the head of global listings at the NYSE, has been named president of StubHub. Former StubHub chief Chris Tsakalakis left last fall. Also: Former Agilent general counsel Marie Oh Huber has been named eBay's general counsel.
- News of the appointments comes a week after eBay disclosed director Tom Tierney will replace Pierre Omidyar as chairman following the PayPal spinoff, and that John Donahoe (already set to be replaced as CEO by Devin Wenig) will leave the board to chair PayPal.
Apr. 9, 2015, 5:28 PM
- Ahead of PayPal's spinoff (set for 2H15), EBAY has agreed 80% of its Marketplaces GMV will be handled by PayPal for the next 5 years. PayPal will be compensated if its share goes below 80%, and pay a commission if it rises above 80%. PayPal will also pay a referral fee when new users are signed up via eBay.
- eBay is prohibited from creating its own payments system during this time, and PayPal from creating a marketplace. As expected, PayPal will be free to strike payments deals with eBay rivals such as Amazon and Alibaba - both already have their own payments platforms, but Alibaba has said it's open to working with PayPal internationally.
- Also: eBay CEO John Donahoe says he'll serve as PayPal chairman following the spinoff, and (as was reported) step down from eBay's board. Meanwhile, director/former Bain CEO Tom Tierney will replace founder Pierre Omidyar as eBay's chairman. eBay CFO Bob Swan will also step down, while joining eBay's board.
- The companies stated in last September's spinoff announcement AmEx exec Dan Schulman will be CEO of PayPal following the split, and Marketplaces chief Devin Wenig CEO of eBay.
Mar. 30, 2015, 4:20 PM
- StubHub (NASDAQ:EBAY) accuses Ticketmaster (NYSE:LYV) and the Golden State Warriors of violating U.S. antitrust law, as well as California's unfair competition law, by threatening to revoke the privileges of season ticket owners if they resold their tickets through a platform other than Ticketmaster's NBATickets.com, from which the Warriors receive a cut on sales.
- StubHub: "If the anti-competitive actions complained herein are not stopped, Ticketmaster is likely to seek to replicate them with other teams. As a result, millions of Americans will be held captive to a monopoly secondary ticketing exchange."
- The eBay unit claims its Warriors ticket listings are down 80% this year. As it is, StubHub's top line has been hurt in recent quarters by listing fee cuts meant to keep rivals at bay.
Mar. 26, 2015, 3:06 AM
- Not only have brick and mortar banks transgressed numerous U.S. sanctions programs (I, II) against countries like Iran, Cuba and Sudan, but PayPal (NASDAQ:EBAY) has also just agreed to pay $7.7M to settle similar charges from the U.S. Treasury Department.
- PayPal did not adequately screen its transactions for U.S. sanctions targets for several years through 2013, resulting in 486 apparent violations of U.S. law, the Treasury said in a statement.
Mar. 24, 2015, 3:03 AM
- eBay (NASDAQ:EBAY), which is spinning off its PayPal division later this year, plans to pay each of the two new companies' chief executive officers $14M in total compensation after the split.
- Dan Schulman, who joined the company from American Express, will be CEO of PayPal, while Devin Wenig, who is now president of the Marketplaces division, will become CEO of eBay.
- They will both get an annual salary of $1M post-breakup, plus cash bonuses and equity awards of as much as $13M.
Mar. 23, 2015, 10:11 AM
- GoPro president/ex-Skype CEO Tony Bates is joining eBay's (EBAY +1.3%) board, as is American Red Cross CEO Gail McGovern.
- Ford chairman William C. Ford is stepping down following eBay's May 1 annual meeting, as is newspaper industry vet Richard T. Schlosberg. They've respectively been on the board for 10 and 11 years.
- The shakeup is declared to be part of eBay's efforts to prepare for the PayPal spinoff. eBay owned Skype for part of Bates' tenure as the company's CEO.
- In January, eBay reached a truce with Carl Icahn that has resulted in Icahn Capital exec Jonathan Christodoro joining the board. Two other directors were also added, growing the board's size to 15.
Mar. 19, 2015, 7:04 AM
- Piper Jaffray downgrades eBay (NASDAQ:EBAY) to an Underweight rating from Neutral.
- The investment firm lowers its price target on shares to $49 from $55.
- Analyst Gene Munster warns valuation on PayPal could be pressured by new competition in the payments sector.
- EBAY -2.44% premarket.
Mar. 18, 2015, 2:29 PM
- After dropping slightly yesterday following news Facebook (NASDAQ:FB) is giving Messenger users the ability to send money to each other (though not to merchants), EBAY is seeing steeper losses today. Volume (11M shares) has exceeded a 3-month daily average of 8.5M.
- Unlike PayPal, Facebook doesn't plan to charge transaction fees for the time being. Mark Zuckerberg has suggested he isn't interested in monetizing Messenger until it hits 1B users.
- Though P2P money transfers are a small portion of PayPal's transaction volume, Facebook's service could substantially grow the number of payment card numbers it has on file. The company is in the midst of testing (with the help of PayPal rival Stripe) a Buy button that lets users pay for advertised items without leaving Facebook's site/apps, using previously-saved card data.
- Buried within a Bloomberg column about Facebook's payments launch: Facebook says it now has 700M Messenger users. The company reported having 500M MAUs back in November.
Mar. 17, 2015, 4:02 PM
- Facebook (FB +1.7%) is updating its PC and mobile Messenger apps to allow users to send cash (via debit cards) to friends. A user sending money simply has to tap a $ icon, enter an amount, and tap a Pay button; a PIN can be created to provide security.
- Facebook is less than a year removed from hiring ex-PayPal chief David Marcus to run Messenger. Mark Zuckerberg, for his part, has suggested for a while payments will be a part of Facebook's efforts to monetize Messenger, which has 500M+ MAUs thanks in part to Facebook's decision to remove messaging functionality from its core apps.
- Many think WhatsApp, currently monetized in some markets via subscription fees, will eventually join rival messaging platforms in supporting payments. Facebook has promised it won't run ads on WhatsApp, and has more broadly argued ads aren't a good way to monetize messaging apps.
- PayPal owner eBay (EBAY -0.1%) has ticked lower following Facebook's announcement. For now, Facebook's platform doesn't support merchant payments, which account for a far larger percentage of PayPal's transaction volume than consumer-to-consumer payments.
eBay, Inc. provides online market places for the sale of goods and services as well as other online commerce or ecommerce, platforms and online payment solutions to a diverse community of individuals and businesses. The company operates its business through three segments: Marketplaces, Payments... More
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