eBay announced its support for the voluntary tender offer led by Permira and Blackstone to acquire Adevinta. As part of the transaction, eBay agreed to sell 50% of its shares for an estimated $2.2 billion and exchange the remaining shares for an equity stake of approximately 20% in the newly privatized company.

eBay is focused on growing first-party advertising revenue through Promoted Listings products and invested in a new magical listing experience offering AI-driven descriptions. They also expanded the eBay International Shipping program.

In January 2024, eBay announced a restructuring plan that includes a reduction of its workforce by approximately 1,000 employees, or 9%. The restructuring plan could divert management attention, adversely affect employee morale and turnover, and damage eBay's reputation as an employer.

eBay is focused on efficiency and innovation by leveraging AI technologies to improve customer experience and streamline operations. They are also working to achieve 100% renewable energy in operations and data centers by 2025.

eBay actively promotes corporate responsibility, including economic empowerment and sustainable commerce. They also prioritize corporate responsibility efforts to impact the areas of economic empowerment and sustainable commerce.

eBay has processes for assessing, identifying and managing cybersecurity risks and vulnerabilities are embedded across the business as part of the ERM program. They also maintain a bug bounty program to encourage professional security researchers to report potential security vulnerabilities.

The company acknowledges substantial and increasingly intense competition worldwide in e-commerce, which may harm its business. The competitive norm for e-commerce and mobile commerce has significantly increased.

The company's international operations and engagement in cross-border trade are subject to risks, including uncertainties and instability in economic and market conditions resulting from inflationary pressures, increasing interest rates and the ongoing wars in Ukraine and in Israel and Gaza.

The company's business is subject to online security risks, including security breaches and cyberattacks. A significant number of users authorize eBay to bill their payment card accounts directly for all transactions and other fees charged by eBay.

eBay faces substantial and increasingly intense competition worldwide in e-commerce. The Internet and mobile networks provide new, rapidly evolving and intensely competitive channels for the sale of all types of goods and services.

eBay competes with a wide variety of online and offline companies providing goods and services to consumers and merchants, a number of which have significant resources, large user communities and well-established brands.

Certain manufacturers or brands may seek to limit or cease distribution of their products through online channels, such as eBay's sites. Manufacturers may attempt to use contractual obligations or existing or future government regulation to prohibit or limit e-commerce in certain categories of goods or services.

Cost of net revenues increased by 6% to $2.83 billion. This increase was primarily driven by a $96 million increase related to the launch of eBay International Shipping, a $39 million increase related to the expansion of authentication services, and a $24 million increase in customer support costs.

General and administrative expenses increased by 24% to $1.196 billion. This increase was primarily due to $141 million of restructuring costs that did not occur in 2022, an $84 million increase in employee related costs, and an incremental $18 million accrual for probable losses related to legal matters.

The restructuring plan, and any future restructuring plans, reductions in force or other cost-cutting measures, could divert management attention, adversely affect employee morale and turnover, and damage our reputation as an employer.

eBay is increasingly leveraging AI technologies, including GAI, in its products and services and are making investments to expand its use of GAI capabilities. They are also focused on striking the right balance between in-person and remote work as we aim for individual productivity and overall team success.

The company acknowledges that new services and technologies applicable to the industries in which they operate will continue to emerge. These new services and technologies may be superior to, or render obsolete, the technologies eBay currently uses in its products and services.

The AI regulatory landscape is still uncertain and evolving, and the development and use of Al technologies, including GAI, in new or existing products may result in new or enhanced governmental or regulatory activity and scrutiny, litigation, ethical concerns or other complications that could be costly and time-consuming and could adversely affect our business, reputation or financial results.

In February 2024, eBay's Board authorized an additional $2.0 billion stock repurchase program with no expiration from the date of authorization. During 2023, eBay repurchased approximately $1.4 billion of its common stock.

In February 2024, eBay declared a cash dividend for the first quarter of 2024 of $0.27 per share of common stock to be paid on March 25, 2024 to stockholders of record as of March 11, 2024.

Capital expenditures are focused on technology and infrastructure, including payment intermediation capabilities, improved seller tools and buyer experiences. Capitalized internal use and platform development costs were $115 million and $130 million in 2023 and 2022, respectively.

eBay has continued to work towards its goal of achieving 100% renewable energy in its operations and data centers by 2025. In 2023, eBay was also recognized for its commitment to sustainability and responsible business by its inclusion in the Dow Jones Sustainability World and North American Indices.

eBay for Charity empowers buyers and sellers to support charities around the world. In 2023, nearly $162 million was raised by buyers and sellers to support charities via eBay for Charity.

eBay acknowledges that disclosures and stakeholder expectations related to environmental, social and governance matters may impose additional costs and expose the company to new risks. ESG best practices and reporting standards are complex and evolving, and new laws, regulations, policies and international accords relating to ESG matters are being developed and formalized in numerous jurisdictions.

In 2023, eBay experienced reduced traffic in most markets resulting from geopolitical events (such as the ongoing war in Ukraine), inflationary pressure, foreign exchange rate volatility, elevated interest rates and lower consumer confidence. These factors are negatively impacting discretionary consumer spending and may continue to do so indefinitely.

Government regulation impacts key aspects of eBay's business. In particular, eBay is subject to laws and regulations that affect the e-commerce industry in many countries where it operates.

eBay is subject to multiple laws relating to the collection, use, sharing, retention, deletion, security, transfer and other handling of personal data about individuals, including our users and employees around the world.