eBay Inc. (EBAY) 2026 Q2 法說會逐字稿

Good day, everyone. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome you to the eBay second quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. (Operator Instructions) At this time, I would like to turn the call over to John Egbert, Vice President of Investor Relations.

大家好。我叫 Kate，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 eBay 2026 年第二季財報電話會議。為避免背景雜音干擾，所有線路目前均已靜音。(接線員指示) 現在，我想將電話交給投資人關係副總裁 John Egbert。

Good afternoon. Thank you all for joining us for eBay's second quarter 2026 earnings conference call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Peggy Alford, our Chief Financial Officer.

各位下午好。感謝各位參加 eBay 2026 年第二季財報電話會議。今天與我一同出席的還有我們的執行長 Jamie Iannone，以及財務長 Peggy Alford。

We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the ewebsite at investors.ebayinc.com. Before we begin, I'll remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance.

我們提供了一份投影片簡報以配合本次電話會議中的評論內容，您可透過 investors.ebayinc.com 的投資人關係專區取得。開始之前，我提醒各位，在本次電話會議中，我們將討論若干與公司表現相關的非 GAAP 衡量指標。

You can find a reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. Additionally, all growth rates noted in our prepared remarks will reflect organic FX-neutral year-over-year comparisons, and all earnings per share amounts reflect earnings per diluted share, unless indicated otherwise.

您可在隨附的投影片簡報中，找到這些衡量指標與最接近之可比 GAAP 衡量指標的調節表。此外，我們事先準備的發言稿中所提及的所有成長率，均反映以有機（organic）、外匯中性（FX-neutral）的年對年比較；且除非另有說明，所有每股盈餘金額均為稀釋後每股盈餘。

Additionally, all year-over-year growth rates versus 2025 are based on recast financials reflecting our adoption of the new internally developed software accounting guidance in 2026. During this conference call, management will make forward-looking statements, including, without limitation, statements regarding our future performance and expected financial results.

另外，所有相較於 2025 年的年對年成長率，均以重編（recast）後的財務數據為基礎，該數據反映我們於 2026 年採用新的內部開發軟體會計指引。在本次電話會議中，管理層將作出前瞻性陳述，包括但不限於關於我們未來表現及預期財務結果的陳述。

These forward-looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from our forecast for a variety of reasons. You can find more information about risks, uncertainties and other factors that could affect our operating results in our most recent periodic reports on Form 10-K, Form 10-Q and our earnings release from earlier today.

這些前瞻性陳述涉及已知與未知的風險與不確定性。由於多種原因，我們的實際結果可能與我們的預測存在重大差異。關於可能影響我們營運結果的風險、不確定性及其他因素的更多資訊，請參閱我們最近期的 Form 10-K、Form 10-Q 定期報告，以及我們今天稍早發布的財報新聞稿。

You should not rely on any forward-looking statements. All information in this presentation is as of August 5, 2026. We do not intend and undertake no duty to update this information. With that, I'll turn the call over to Jamie.

您不應依賴任何前瞻性陳述。本簡報中的所有資訊截至 2026 年 8 月 5 日為止。我們無意且不承擔更新此等資訊的任何義務。接下來，我把電話交給 Jamie。

Thanks, John. Good afternoon, and thank you all for joining us today. eBay delivered another strong quarter in Q2 were the results that exceeded consensus expectations and the high ends of our guidance ranges across all key financial metrics. Gross merchandise volume grew 14% year-over-year to more than $22 billion.

謝謝你，John。各位下午好，感謝大家今天加入我們。eBay 在 2026 年第二季再度交出強勁的一季，結果超出市場一致預期，且在所有關鍵財務指標上均高於我們指引區間的上緣。商品交易總額（GMV）年增 14%，超過 220 億美元。

Revenue also grew 14% to over $3 billion. Our top line outperformance gives the flexibility to increase investment behind several strategic priorities while still driving 16% growth in non-GAAP operating income and 17% growth in non-GAAP earnings per share.

營收亦年增 14%，超過 30 億美元。我們在營收端的優於預期表現，使我們在持續推動非 GAAP 營業利益年增 16%與非 GAAP 每股盈餘年增 17%之際，仍具備彈性加大對多項策略優先事項的投資。

These results reflect the broad-based momentum across our marketplace, including continued outperformance in the US, improving trends across our international markets. Importantly, our growth continues to be driven by our key strategic priorities, including focused categories, our consumer-to-consumer or C2C business and commerce, which we define as sales of preowned and refurbished items. Together, these strategic priorities made up more than 70% of total GMV in Q2, with each growing more than 20%, both individually and in aggregate. This momentum is further supported by emerging growth vectors and platform capabilities, including eBay live vehicles and shipping. Focus categories remain a significant engine of growth for eBay, reflecting the cumulative impact of our investments in trust, innovation and full funnel marketing.

這些成果反映我們市集業務的廣泛動能，包括美國市場持續優於預期，以及國際市場趨勢改善。重要的是，我們的成長持續由關鍵策略優先事項所驅動，包括聚焦品類、消費者對消費者（C2C）業務，以及我們所定義的「再商務」（recommerce）——亦即二手與整新商品的銷售。合計而言，這些策略優先事項在第二季占總 GMV 的 70% 以上，且各自與合計的成長率皆超過 20%。這股動能亦受到新興成長動能與平台能力的進一步支撐，包括 eBay Live、車輛業務與運輸服務。聚焦品類仍是 eBay 重要的成長引擎，反映我們在信任、創新與全漏斗行銷方面投資的累積成效。

Focused category GMV grew 26% in Q2 and eclipsed 40% of total GMV for the first time. The strength in focus categories was broad-based with collectibles, motors, fashion and refurbished all contributing to growth.

第二季聚焦品類 GMV 成長 26%，並首次突破占總 GMV 的 40%。聚焦品類的強勁表現具廣泛性，收藏品、汽車（Motors）、時尚與整新商品皆對成長有所貢獻。

Collectibles GMV growth continued to be led by strength in trading cards, where we saw sustained momentum across all of the major sports and collectible card game genres including notable strength in basketball cards to the NBA finals and accelerating demand for soccer cards around the World Cup. We continue to strengthen our value proposition in trading cards. Combining our unmatched inventory breadth with industry-leading trust and increasingly intuitive experiences for buyers and sellers. In Q2, we launched authenticity guarantee for trading cards in the UK, marking the first expansion of AG in this category outside of North America. In addition, our AI-powered card scanning experience exited beta and now has surpassed 80 million cumulative scans, making it easier for collectors to identify cards, understand pricing and list or shop with confidence.

收藏品 GMV 的成長持續由集換式卡牌的強勢帶動；我們在所有主要運動卡與集換式卡牌遊戲品類中皆看到持續動能，其中籃球卡受 NBA 總決賽帶動表現突出，而足球卡在世界盃期間需求加速。我們持續強化在集換式卡牌領域的價值主張。結合我們無可匹敵的庫存廣度，以及業界領先的信任機制與日益直覺的買賣體驗。第二季，我們在英國推出集換式卡牌的真品保證（Authenticity Guarantee），這是該品類首次在北美以外擴展 AG 服務。此外，我們的 AI 驅動卡牌掃描體驗已結束 Beta 測試，目前累計掃描次數已超過 8,000 萬次，讓收藏家更容易辨識卡牌、了解定價，並能更有信心地刊登或購買。

We also recently enhanced trading card listings with richer market data on the view item page, including card ladder indexes that track values across specific players, characters, sports and genres over time.

我們近期也在集換式卡牌刊登頁面加入更豐富的市場數據，於商品瀏覽頁提供包括 Card Ladder 指數在內的資訊，用以追蹤特定球員、角色、運動與品類在不同時間的價值變化。

Our collectibles momentum is also extending to a number of subcategories as we continue to see strong growth in coins, toys and sports memorabilia. In Q2, we introduced new condition grading standards for collectible coins to improve trust and discovery. Gold and Silver Bullion remained a positive contributor to GMV in Q2, although they were much more modest drivers than the prior two quarters as expected. Our off-platform collectibles marketplaces also continued to perform well. TCG players saw strength across Pokemon, one piece and MAGIC: THE GATHERING, while its latest ROCA sorting devices are now helping thousands more hobby shops and high-volume sellers ingest and organize their customers' inventory.

我們在收藏品的動能也延伸至多個子品類，硬幣、玩具與運動紀念品持續呈現強勁成長。第二季，我們為收藏硬幣導入新的品相分級標準，以提升信任與搜尋發現效率。黃金與白銀金條（Bullion）在第二季仍對 GMV 有正向貢獻，但如預期，相較前兩季其帶動效果明顯較為溫和。我們的站外收藏品市集也持續表現良好。TCGplayer 在寶可夢、航海王與《魔法風雲會》（MAGIC: THE GATHERING）等品類表現強勁；同時，其最新的 ROCA 分揀設備正協助更多的嗜好店與高交易量賣家匯入並整理其客戶的庫存。

The Golden Marketplace had another record quarter with several landmark sales across sports cards and memorabilia including the most valuable Solo Michael joining card ever sold and an all-time public record for a hockey jersey with the sale of Wayne Gretzky's final Edmonton Oilers Jersey. eBay Motors was another meaningful contributor in Q2, contributing nearly 2 points of GMV growth. Our motors, parts and accessories business continues to benefit from eBay's unmatched breadth and depth of inventory as we expand our selection of new, used and recycled parts across our major markets.

Golden Marketplace 再度創下破紀錄的一季，在運動卡與紀念品方面完成多筆里程碑式交易，包括史上成交價最高的 Solo Michael Jordan 卡，以及以 Wayne Gretzky 最後一件 Edmonton Oilers 球衣成交，創下冰球球衣公開交易的歷史新高紀錄。eBay Motors 亦是第二季另一項重要貢獻來源，帶動 GMV 成長近 2 個百分點。我們的汽車零件與配件業務持續受惠於 eBay 無可匹敵的庫存廣度與深度；同時，我們也在主要市場擴大新品、二手與回收零件的選擇。

In Q2, we launched easy and free returns in the UK, which strengthens buyer confidence and improves conversion as buyers shop for auto parts on eBay. In Canada, we launched guaranteed fit extending fitment protection to a fifth eBay market. We also brought automated fitment capabilities to Canadian sellers which augments their listing with vehicle compatibility data so buyers can discover a broader selection of relevant parts and shop with greater confidence. Our vehicles GMV also continues to scale rapidly with particularly strong growth among C2C sellers and smaller dealers.

第二季，我們在英國推出簡便且免費退貨服務，強化買家信心，並在買家於 eBay 選購汽車零件時提升轉換率。在加拿大，我們推出「保證適配」（guaranteed fit），將適配保障擴展至第 5 個 eBay 市場。我們也為加拿大賣家導入自動化適配功能，在其刊登內容中補充車輛相容性資料，使買家能發現更廣泛的相關零件選擇，並更有信心地購買。我們的車輛 GMV 也持續快速擴張，其中 C2C 賣家與較小型經銷商的成長尤為強勁。

In Q2, we launched native vehicle listing in the eBay mobile app, driving a notable increase in C2C inventory. We are also using AI and automation to simplify the transaction process including verifying title, VIN and odometer images against verified DMV records and sale documentation with significantly less manual intervention. Alongside broader process improvements, this has helped reduce the average time to vehicle pickup from over two weeks to roughly four days. By making it easier to list, verify and complete a secure transaction we are improving the customer experience and support continued momentum in GMV.

第二季，我們在 eBay 行動 App 推出原生車輛刊登功能，帶動 C2C 庫存顯著增加。我們也運用 AI 與自動化來簡化交易流程，包括將車輛所有權文件（title）、車身識別碼（VIN）與里程表影像，與經驗證的 DMV（車輛管理機關）紀錄及銷售文件進行比對，大幅降低人工介入。配合更廣泛的流程改善，這已協助將車輛取車的平均時間從兩週以上縮短至約四天。透過讓刊登、驗證與完成安全交易變得更容易，我們正在改善客戶體驗，並支撐 GMV 持續成長的動能。

Fashion also contributed positively to GMV growth, led by luxury and pre-loved inventory. In Q2, we expanded authenticity guarantee to cover more than 100 apparel footwear and accessory brands across the US and UK and began testing optional authentication across a broader range of price points to extend trust to more C2C fashion inventory. We also extended authenticity guarantee eligibility to jewelry sourced from Greater China.

時尚品類亦對 GMV 成長帶來正向貢獻，主要由奢侈品與二手（pre-loved）庫存帶動。在第二季，我們擴大「正品保證」涵蓋範圍，納入美國與英國超過 100 個服飾、鞋履與配件品牌，並開始測試在更廣泛的價格帶提供選擇性的鑑定服務，以將信任延伸至更多 C2C 時尚庫存。我們也將「正品保證」的適用資格擴展至來自大中華區的珠寶。

Combined with eBay's breadth of inventory and AI-powered selling tools, these investments are strengthening our position in pre-loved and luxury fashion on the eBay platform.

結合 eBay 豐富的商品庫存與 AI 驅動的銷售工具，這些投資正在強化我們在 eBay 平台上二手與奢侈時尚領域的競爭地位。

Last week, we completed our acquisition of Depop, I'm excited to officially welcome the Depop team and community to eBay. Depop joins us with incredible momentum and strengthens our leadership positions in C2C and e-commerce while extending our reach with a younger generation of buyers and sellers. It is also highly complementary to eBay's existing fashion business. eBay offers broad global selection across pre-loved and authenticated luxury while Depop brings a social forward and discovery-led experience with particular strength in pre-led fashion inventory at accessible price points. These complementary strengths allow the combined company to serve a broader range of consumers and unlock more of the inventory sitting in closets around the world.

上週，我們完成對 Depop 的收購，我很高興正式歡迎 Depop 團隊與社群加入 eBay。Depop 帶著強勁動能加入我們，強化我們在 C2C 與電子商務的領導地位，同時透過更年輕一代的買家與賣家擴大我們的觸及。它也與 eBay 既有的時尚業務高度互補。eBay 在二手與已鑑定奢侈品方面提供廣泛的全球選擇，而 Depop 則帶來更偏社群導向、以探索為核心的體驗，尤其在價格更親民的二手時尚庫存方面具備優勢。這些互補優勢使合併後的公司能服務更廣泛的消費者，並釋放全球衣櫥中沉睡的更多庫存。

As we look at ways to support Depop's outstanding growth, our first priority is to maintain the brand, community and product experience that make Depop special while helping the team accelerate its existing road map. At the same time, we see clear opportunities to use eBay's scale and capabilities to support Depop's growth, including introducing Depop to relevant customers on eBay to stimulate demand. making shipping more affordable and convenient and offering our expertise and trust and marketplace safety. We are still in the early days of bringing these complementary businesses together but believe the strategic fit is compelling. .

在我們思考如何支持 Depop 卓越的成長之際，首要任務是維持讓 Depop 與眾不同的品牌、社群與產品體驗，同時協助團隊加速既有的產品路線圖。同時，我們也清楚看到可運用 eBay 的規模與能力來支持 Depop 成長的機會，包括將 Depop 介紹給 eBay 上的相關客群以刺激需求、讓運送更實惠且更便利，以及提供我們在專業、信任與市集安全方面的能力。我們仍處於整合這兩項互補業務的早期階段，但相信其策略契合度極具吸引力。.

Pairing Depop's differentiated audience and user experience with eBay's scaled global user base and marketplace capabilities allows us to build on our established strengths in fashion broaden our reach with younger consumers and unlock more of our total addressable market in C2C and recommerce. Our acquisition of Depop builds on the strong consumer selling momentum across eBay's core marketplace. As C2C GMV grew by over 20% in Q2, outpacing overall GMV.

將 Depop 差異化的受眾與使用者體驗，與 eBay 規模化的全球使用者基礎與市集能力相結合，使我們得以在既有的時尚優勢上再接再厲、擴大對年輕消費者的觸及，並在 C2C 與再商務（recommerce）的整體可服務市場中釋放更多機會。我們收購 Depop，是建立在 eBay 核心市集中強勁的消費者賣家動能之上。第二季 C2C GMV 成長超過 20%，增速高於整體 GMV。

C2C GMV continued to grow in mix in the US our largest market for consumer selling, driven by healthy double-digit growth in both sellers and supply. Collectibles electronics and fashion were the largest contributors to this continued momentum while the latest generation of magical listing is further accelerating consumer supply by making it dramatically easier to list on eBay. In the UK, C2C GMV trends were particularly strong. supported by broad-based supply growth and continued outperformance in focus categories.

在美國（我們最大的消費者賣家市場），C2C GMV 在組合占比中持續提升，主要由賣家與供給雙雙維持健康的雙位數成長所帶動。收藏品、電子產品與時尚是推動這股動能延續的最大貢獻者；同時，最新一代的「魔法刊登」也透過大幅降低在 eBay 上刊登的難度，進一步加速消費者供給。在英國，C2C GMV 趨勢尤其強勁，受惠於廣泛的供給成長，以及在重點品類的持續優於大盤表現。

Active sellers reached their highest level since 2023 and while UK's EBC GMV saw its strongest growth in many years outside the pendamic period. In Germany, we're seeing healthy growth in C2C GMV and as we intentionally shift investment toward the categories and experiences where eBay has the strongest right to win.

活躍賣家數達到自 2023 年以來的最高水準；同時，英國的 EBC GMV 也出現多年來（疫情期間除外）最強勁的成長。在德國，我們看到 C2C GMV 維持健康成長，並且我們正有意將投資轉向 eBay 最具勝出優勢的品類與體驗。

That transition may create some near-term pressure on overall GMV and buyers in Germany as we continue to navigate a challenging macro backdrop, but we are seeing encouraging early results from this pivot that suggests it will increase penetration of strategic GMV and strengthen the long-term health of this market. In Australia, we saw an acceleration in C2C GMV growth to double digits, which helped the region overall posted strongest growth in several years during Q2. New and reactivated listers listing creation rates and leading KPIs have notably increased since we launched our Australian C2C initiative in May, providing encouraging early evidence that our enhanced value proposition is resonating with consumers.

在我們持續面對具挑戰性的總體環境之際，這項轉型可能在短期內對德國的整體 GMV 與買家數造成一些壓力；但我們已從這次策略轉向看到令人鼓舞的早期成果，顯示其將提升策略性 GMV 的滲透率，並強化該市場的長期健康度。在澳洲，我們看到 C2C GMV 成長加速至雙位數，帶動該區域在第二季創下數年來最強勁的整體成長。自我們於 5 月推出澳洲 C2C 計畫以來，新刊登者與重新啟用刊登者的刊登建立率及主要 KPI 均明顯提升，提供了令人鼓舞的早期證據，顯示我們強化後的價值主張正與消費者產生共鳴。

Taken together, these initiatives are bringing differentiated supply onto eBay by unlocking inventory in consumers homes and strengthening the sell-to-buy flywheel on eBay. Importantly, our analysis suggests that Depop success in C2C has been incremental to our own, further validating the significant untapped opportunity in e-commerce globally. Now let's turn to eBay Live. We posted another record quarter as GMV grew by roughly 8x year-over-year in Q2, and alongside rapid growth in viewers, watch time and sold items. Based on our growth and available market benchmarks, we believe eBay Live is gaining share across all seven markets where it operates.

綜合而言，這些計畫正透過釋放消費者家中的庫存，為 eBay 帶來差異化供給，並強化 eBay 的「賣—買」飛輪效應。重要的是，我們的分析顯示 Depop 在 C2C 的成功對我們自身而言屬於增量貢獻，進一步驗證全球電商仍存在顯著且尚未被充分開發的機會。接下來談談 eBay Live。我們在第二季再度創下單季紀錄，GMV 年增約 8 倍，並且觀眾數、觀看時長與售出商品數也同步快速成長。基於我們的成長表現與可得的市場基準，我們相信 eBay Live 正在其營運的全部七個市場中提升市占。

In July, we took a major step toward unlocking the next phase of growth for eBay Live as we move beyond our invite-only model and launch self-service onboarding for eligible US sellers across more than 300 categories, with additional markets expected to follow in the coming weeks and months. This creates a direct scalable on-ramp for live sellers and inventory while maintaining the trust standards that differentiate eBay. From a product perspective, we continue to improve eBay Live for both buyers and sellers. New discovery services across the eBay home page and mobile app make relevant events easier for buyers to find while simpler event set up, inventory preparation and live item management reduced the workload for sellers.

7 月，我們朝向解鎖 eBay Live 下一階段成長邁出重要一步：我們不再僅採邀請制，並為符合資格的美國賣家推出自助式上線流程，涵蓋超過 300 個品類；預期未來數週與數月內將擴展至更多市場。這為直播賣家與庫存建立了直接且可擴展的導入通道，同時維持使 eBay 脫穎而出的信任標準。在產品面，我們持續為買家與賣家改善 eBay Live。eBay 首頁與行動 App 的新探索服務，讓買家更容易找到相關活動；同時，更簡化的活動設定、庫存準備與直播商品管理，降低了賣家的工作負擔。

We have also improved bidding responsiveness, making events faster and more seamless for participants. Importantly, we're seeing eBay lives benefits extend beyond each event, among established sellers who stream regularly over 90% grow their GMV on eBay, and the median GMV increase for live sellers is roughly 3 times that of similar sellers who do not use live. And we're seeing similar results on the buyer side. For instance, first-time live buyers shopping and collectibles are spending approximately 70% more than comparable non-live buyers with roughly half of the incremental spend occurring outside of live events.

我們也提升了出價回應速度，讓參與者的活動體驗更快速、更順暢。重要的是，我們看到 eBay Live 的效益不僅限於單場活動：在固定且規律開播的既有賣家中，超過 90% 的賣家在 eBay 上的 GMV 成長；而直播賣家的 GMV 中位數增幅約為未使用直播之相似賣家的 3 倍。在買家端我們也看到類似結果。例如，首次參與直播、購買收藏品的買家，其花費約比可比的非直播買家高出 70%，且約有一半的增量支出發生在直播活動之外。

These results reinforce our confidence that live can deepen engagement, broaden discovery and increased velocity across the broader eBay market base. Next, I'll discuss how we're leveraging AI to reimagine the buying and selling experiences on an ongoing basis. For sellers, the next generation of our magical listing experience is making selling on eBay dramatically easier by leveraging AI and our product knowledge graph to do most of the hard work on their behalf. We have now fully ramped the latest generation of magic listing to all new and reactivated listers in the UK, Germany and Australia, and are seeing compelling uplift on key KPIs directionally similar to what we observed in the US.

這些結果強化了我們的信心：直播能在更廣泛的 eBay 市場基礎上加深互動、擴大探索，並提升交易速度。接下來，我將說明我們如何持續運用 AI 重新想像買賣體驗。對賣家而言，我們下一代的「魔法刊登」體驗正透過 AI 與我們的產品知識圖譜，替賣家完成大部分繁重工作，使在 eBay 上銷售變得顯著更容易。我們現已在英國、德國與澳洲，將最新一代的魔法刊登全面推廣至所有新刊登者與重新啟用刊登者，並在關鍵 KPI 上看到具吸引力的提升，方向性與我們在美國觀察到的結果相近。

Australia is our first market where we have released the latest magic listening experience to all C2C sellers. An important step toward extending these benefits to our broader seller base. In Q2, we began integrating enhanced pricing guidance into magic listing to help sellers balance velocity and price realization and we improved the accuracy of package size estimates to help manage shipping costs more efficiently. For buyers, our genetic search pilot reinforced the value of natural language understanding and helping customers uncover more of the products they love within eBay's 2.6 billion listings.

澳洲是我們第一個將最新的魔法刊登體驗釋出給所有 C2C 賣家的市場。這是將上述效益擴展至更廣泛賣家基礎的重要一步。第二季，我們開始在魔法刊登中整合強化的定價指引，協助賣家在成交速度與價格實現之間取得平衡；同時也提升包裹尺寸估算的準確度，以更有效率地管理運費成本。對買家而言，我們的生成式搜尋試點驗證了自然語言理解的價值，並能協助顧客在 eBay 26 億筆刊登中發掘更多他們喜愛的商品。

We are now working to bring more natural language capabilities into core search to deliver greater density of relevant results while developing more conversational multiturn experiences in the parts of the shopping journey where they add the most value. These innovations build on eBay's structural advantages, 30 years of commercially relevant data tens of billions of cumulative listings and product images and our ability to train and deploy AI models efficiently on our private cloud infrastructure.

我們目前正將更多自然語言能力導入核心搜尋，以提供更高密度的相關結果；同時在購物旅程中最能創造價值的環節，開發更具對話性、可多輪互動的體驗。這些創新建立在 eBay 的結構性優勢之上：30 年具商業相關性的資料、累積達數百億筆的刊登與商品圖片，以及我們在私有雲基礎設施上高效率訓練與部署 AI 模型的能力。

Shipping services are becoming an increasingly important part of our platform and a meaningful enabler of marketplace velocity. By leveraging our scale and carrier relationships, we can reduce cost and complexity, strength and trust and make lower priced transactions more economical to further unlock our TAM. In the UK, the majority of C2C transactions go through our managed shipping program where we continue to expand our pickup and drop-off capabilities.

運輸服務正成為我們平台日益重要的一環，並且是推動市集交易速度的關鍵助力。透過運用我們的規模與承運商合作關係，我們能降低成本與複雜度、提升可靠性與信任，並讓較低價格的交易更具經濟效益，進一步釋放我們的TAM。在英國，多數C2C交易都透過我們的管理式運輸計畫進行，我們也持續擴展取件與投遞能力。

Through our partnerships with InPost and Royal Mail, buyers and sellers can access approximately 50,000 lockers and parcel shops nationwide. With 95% of UK buyers now living within one kilometer of a pickup or drop-off location. This network offers a convenient, lower-cost alternative to home delivery particularly for lower ASP inventory. We recently announced that eBay International Shipping will also launch in the UK later this month. Following successful launches of this program in the US and Canada, eligible UK sellers will now have access to over 190 countries with lower shipping costs and a simpler end-to-end experience with customs, returns and internationally delivery, all managed by eBay.

透過與InPost及Royal Mail的合作，買家與賣家可使用全國約50,000個置物櫃與包裹門市。目前有95%的英國買家居住在距離取件或投遞地點一公里以內。此網路提供便利、低成本的到府配送替代方案，特別適用於較低ASP的庫存。我們近期也宣布，eBay International Shipping將於本月稍晚在英國上線。在美國與加拿大成功推出後，符合資格的英國賣家將可觸及超過190個國家，享有更低的運費與更簡化的端到端體驗；包含報關、退貨與國際配送，皆由eBay管理。

Before closing, I'd like to share a few highlights on eBay's impact. In May, we published our 2025 impact report, which showcased the measure progress made over the last year from maintaining 100% renewable energy used across our operations to growing positive economic impact through recommerce and strengthening community support through programs like eBay for Charity and the eBay Foundation. Through eBay for charity, buyers and sellers raised $58 million for charities in Q2. This included an auction for a private lunch with Warren Buffett and Stef and AishaKurri. The winning bet exceeded $9 million and matching contributions from Mr. Buffett brought the total raise to $27 million for the Glide and eat learn play organizations.

在結束前，我想分享幾項eBay影響力的重點。5月，我們發布了2025影響力報告，展示過去一年所取得的可衡量進展，從在營運中維持100%使用再生能源，到透過循環再商（recommerce）擴大正向經濟影響，以及透過eBay for Charity與eBay Foundation等計畫強化社區支持。透過eBay for Charity，買家與賣家在第二季為慈善機構募得5,800萬美元。其中包含一場與華倫・巴菲特以及Stef與AishaKurri共進私人午餐的拍賣。得標出價超過900萬美元，巴菲特先生的配捐使Glide與eat learn play組織的募款總額達到2,700萬美元。

We also partnered with the Late Show with Stephen Colbert to auction iconic memorabilia from the Ed Sullivan theater during the show's final season, raising more than $2 million for World Central Kitchen. eBay was also recognized by the Wall Street Journal as one of the best companies for the future and by the US News and World Report as one of the best companies to work for, reflecting how our culture and commitment to impact support our long-term success.

我們也與《Late Show with Stephen Colbert》合作，在節目最後一季拍賣來自Ed Sullivan劇院的經典紀念品，為World Central Kitchen募得超過200萬美元。eBay亦獲《華爾街日報》評選為「未來最佳公司」之一，並獲《美國新聞與世界報導》評選為「最佳雇主公司」之一，反映我們的文化與對影響力的承諾如何支持我們的長期成功。

In closing, Q2 was another strong quarter, with broad-based growth across our strategic priorities, focused categories, C2C and recommerce each grew more than 20% and now represents more than 70% of our total GMV. Our emerging growth vectors are scaling quickly and becoming more material. eBay Live grew by roughly 8x year-over-year in Q2. Vehicles GMV is growing rapidly as we improve the end-to-end transaction experience and shipping is lowering costs and friction across domestic and cross-border transactions. AI is delivering measurable impact across both sides of our marketplace.

總結而言，第二季再度表現強勁，我們在各項策略優先事項上皆呈現廣泛成長；聚焦品類、C2C與循環再商（recommerce）各自成長超過20%，目前合計占我們總GMV的70%以上。我們的新興成長動能正快速擴張並變得更具實質貢獻。第二季eBay Live年增約8倍。隨著我們改善端到端交易體驗，車輛GMV快速成長；而運輸服務也在國內與跨境交易中降低成本與摩擦。AI在我們市集的買賣雙方都帶來可衡量的影響。

Magic Listing is streamlining listing creation and bringing more C2C inventory onto eBay, while AI enhancements to search and discovery are helping buyers more easily find the most relevant items across our 2.6 billion listings. The addition of Depop broadens our fashion portfolio and expands our reach with younger consumers, strengthening our position in C2C and e-commerce. And finally, we continue to balance investments in long-term growth with disciplined execution. Q2 once again demonstrated our ability to invest behind our strategic priorities while still delivering strong growth in operating income and in EPS.

Magic Listing正在簡化刊登流程，將更多C2C庫存帶到eBay；同時，搜尋與探索的AI強化，協助買家在我們26億筆刊登中更容易找到最相關的商品。納入Depop擴大了我們的時尚產品組合，並提升我們在年輕消費者族群的觸及，強化我們在C2C與電商領域的地位。最後，我們持續在長期成長投資與嚴謹執行之間取得平衡。第二季再次展現我們在投資策略優先事項的同時，仍能帶來營業利益與EPS的強勁成長。

I want to thank our employees for their continued execution and our global community of sellers and buyers for their trust and partnership. With that, I'll turn the call over to Peggy to provide more details on our financial performance and outlook. Peggy, over to you.

我要感謝員工持續落實執行，也感謝全球賣家與買家社群的信任與合作。接下來我把電話會議交給Peggy，請她提供更多關於我們財務表現與展望的細節。Peggy，交給你。

Thank you, Jamie, and hello, everyone. In the second quarter, we exceeded expectations across all of our key financial metrics. GMV grew by 14% to $22.4 billion. Revenue grew 14% to $3.13 billion. Non-GAAP operating income grew 16% year-over-year to $893 million and non-GAAP earnings per share grew 17% year-over-year to $1.60.

謝謝你，Jamie，大家好。第二季我們在所有關鍵財務指標上都超出預期。GMV成長14%至224億美元。營收成長14%至31.3億美元。非GAAP營業利益年增16%至8.93億美元，非GAAP每股盈餘年增17%至1.60美元。

We also continued our commitment to capital returns delivering nearly $450 million to shareholders through repurchases and cash dividends.

我們也持續履行資本回饋承諾，透過庫藏股回購與現金股利，向股東回饋近4.5億美元。

Now let's dive deeper into the numbers. GMV grew 14% to $22.4 billion on an organic FX-neutral basis, while inorganic contributions were not material in the quarter. Foreign exchange provided a tailwind of nearly 1 point to spot GMV growth. Our Q2 growth was driven by the sustained and broad-based momentum across our strategic priorities consistent with last quarter. Focused category GMV grew 26% and outpaced the remainder of our marketplace by 20-percentage-points, with collectibles, motors, fashion and refurbished all contributing.

現在讓我們更深入看看數字。以有機、排除匯率影響（FX-neutral）的基礎計算，GMV成長14%至224億美元，而本季非有機貢獻並不顯著。外匯為即期GMV成長帶來近1個百分點的順風。我們第二季的成長動能，與上季一致，來自於各項策略優先事項持續且廣泛的推進。聚焦品類GMV成長26%，較市集其餘部分高出20個百分點；收藏品、汽車、時尚與整新商品皆有貢獻。

The breadth of this performance reinforces our confidence that our strategy is working, and our momentum is not dependent on any one category. Next, let's look at how our major geographies performed. Our US business delivered another great quarter in Q2 with GMV up 24% as our investments in focused categories, C2C, live and shipping are paying off. For instance, collectibles growth in Q2 was strong beyond trading cards as coins, comics and sports memorabilia all grew at a double-digit rate.

這樣的廣度表現強化了我們對策略奏效的信心，也顯示我們的動能不依賴任何單一品類。接著看看主要地區的表現。我們美國業務在第二季再度交出亮眼成績，GMV成長24%，顯示我們在聚焦品類、C2C、直播與運輸方面的投資正在見效。例如，第二季收藏品的成長不僅限於集換式卡牌，硬幣、漫畫與運動紀念品也都以雙位數成長。

Both parts and accessories and vehicles contributed to our eBay Motors GMV growth and our US fashion business also posted double-digit GMV growth led by luxury focused categories, including handbags, jewelry, watches and apparel. International GMV growth improved to 4% year-over-year in the second quarter on an organic FX-neutral basis with foreign exchange providing a 160 basis point tailwind to spot growth. The investments we are making in focused categories in C2C and our international markets are working. As GMV growth in both areas grew in the double digits in Q2, helping offset the continued weaker macroeconomic conditions in these regions.

零件與配件以及車輛兩大部分皆推動eBay Motors的GMV成長；我們的美國時尚業務也繳出雙位數GMV成長，主要由奢侈品聚焦品類帶動，包括手袋、珠寶、腕錶與服飾。以有機、排除匯率影響（FX-neutral）的基礎計算，第二季國際GMV年增改善至4%，外匯為即期成長帶來160個基點的順風。我們在聚焦品類、C2C以及國際市場的投資正在奏效。第二季這兩個領域的GMV成長皆達雙位數，有助於抵消這些地區持續偏弱的總體經濟環境。

GMV growth in the UK, Germany, Australia and Canada also improved sequentially. Moving on to our buyer metrics. Active buyers grew nearly 2% to $136 million on a trailing 12 month basis, including buyers from recently acquired ties. We are seeing particularly strong growth in the US. where active buyers increased 6% in Q2.

英國、德國、澳洲與加拿大的GMV成長也較前一季改善。接著看買家指標。以過去12個月為基礎計算，活躍買家數成長近2%至1.36億，其中包含近期收購帶來的買家。我們在美國看到特別強勁的成長，第二季活躍買家增加6%。

Enthusiast buyers totaled $16 million and grew by nearly 3% year-over-year and spend per enthusiast buyer increased to approximately $3,600 on a trailing 12 month basis.

熱衷型買家（enthusiast buyers）總數為1,600萬，年增近3%；以過去12個月為基礎計算，每位熱衷型買家的平均支出提升至約3,600美元。

In the US, our enthusiast buyer growth accelerated to 9% year-over-year in Q2. Shifting to our income statement. Revenue grew 14% to $3.13 billion on an organic FX-neutral basis. Foreign exchange provided a tailwind of approximately 1 point to spot revenue growth. Our Q2 take rate was flat year-over-year at 14%.

在美國，我們的熱衷型買家成長於第二季加速至年增9%。接著看損益表。以有機、排除匯率影響（FX-neutral）的基礎計算，營收成長14%至31.3億美元。外匯為即期營收成長帶來約1個百分點的順風。我們第二季的抽成率（take rate）與去年同期持平，為14%。

Tailwinds from advertising, shipping and financial services were offset by ongoing category and ASP mix shifts as well as faster growth in earlier stage businesses like eBay Live.

廣告、運輸與金融服務帶來的順風，部分被品類與ASP組合持續變動，以及eBay Live等早期階段業務較快成長所抵消。

Advertising, shipping and financial services create value beyond direct monetization. Ads help sellers improve visibility and sales velocity while shipping and financial services reduced transactional friction, expand choice and strengthen trust. In Q2, total advertising revenue was $596 million, representing GMV penetration of nearly 2.7%. First-party adds grew 24% to $570 million.

廣告、物流與金融服務在直接變現之外創造價值。廣告協助賣家提升能見度與銷售周轉速度，而物流與金融服務則降低交易摩擦、擴大選擇並強化信任。第二季廣告總營收為5.96億美元，GMV滲透率接近2.7%。第一方廣告成長24%至5.70億美元。

Promoted Listings comprised nearly $1.3 billion of the $2.6 billion total listings on eBay and 5.7 million sellers adopted at least one promoted listing product during the quarter. In addition, off-platform adds grew 21%, primarily driven by strong growth in our Q10 business in Japan. We continue to see a long runway for advertising growth driven by increasing ad relevance, seller adoption and listing penetration. In Q2, we made it simpler for C2C sellers to promote all of their inventory within our mobile apps.

推廣刊登（Promoted Listings）占eBay 26億美元刊登總額中的近13億美元，且本季有570萬名賣家採用至少一項推廣刊登產品。此外，站外廣告成長21%，主要由我們在日本的Q10業務強勁成長所帶動。我們持續看好廣告成長的長期跑道，動能來自廣告相關性提升、賣家採用增加與刊登滲透率提高。第二季，我們讓C2C賣家能在行動App內更簡單地推廣其全部庫存。

We also rolled out updated relevance models across CPC ads and recommendation services, helping sellers drive more velocity while preserving the buyer experience. Within Financial Services, we continue to expand by our choice, reduce friction and improve the economics of our payment flows. Pay by Bank in the UK is a great example of how a better customer experience can also improve our economics. This payment method is now fully ramped in the UK and is showing encouraging early adoption with average order value nearly twice the site average alongside lower cost of payments.

我們也在CPC廣告與推薦服務中推出更新的相關性模型，協助賣家提升成交速度，同時維持買家體驗。在金融服務方面，我們持續透過擴大選擇、降低摩擦並改善支付流程的經濟效益來擴張。英國的「銀行轉帳支付」（Pay by Bank）就是更佳客戶體驗同時也能改善我們經濟效益的絕佳例子。此支付方式目前已在英國全面推行，早期採用情況令人鼓舞：平均訂單金額接近全站平均的兩倍，同時支付成本更低。

EBay Balance also continues to gain traction across the US, UK and Germany, allowing sellers to use their proceeds for purchases on eBay while reducing payment costs. These capabilities are part of a broader wallet strategy designed to deepen our financial relationship with our most engaged customers over time. Additionally, revenue from eBay shipping programs grew double digits in the second quarter. As Jamie noted, we continue to expand our range of domestic and international shipping programs while integrating more lower-cost delivery options within them to improve affordability for buyers and sellers.

eBay Balance也持續在美國、英國與德國獲得更多採用，讓賣家可將其收益用於在eBay上購物，同時降低支付成本。這些能力是更廣泛錢包策略的一部分，旨在隨時間加深我們與最活躍客戶之間的金融關係。此外，第二季eBay物流方案的營收以雙位數成長。如Jamie所述，我們持續擴大國內與國際物流方案的範圍，並在其中整合更多低成本配送選項，以提升買賣雙方的可負擔性。

Turning to our profitability and earnings. Non-GAAP gross margin was 74.1% in Q2, up 1 point year-over-year. Our non-GAAP operating income grew 16% to $893 million reflecting healthy flow-through from our GMV outperformance alongside incremental investments within our strategic priority areas. Sales and marketing expense increased in Q2 as we saw opportunities to invest across the funnel with attractive ROI to drive GMV growth with incremental spending focused on strategic areas like C2C and eBay Live.

接著談獲利能力與盈餘。第二季非GAAP毛利率為74.1%，年增1個百分點。我們的非GAAP營業利益成長16%至8.93億美元，反映GMV優於預期所帶來的良好利潤流入，同時也在策略優先領域進行增量投資。第二季銷售與行銷費用增加，因我們看到在漏斗各階段以具吸引力的投資報酬率（ROI）進行投資的機會，以推動GMV成長；新增支出聚焦於C2C與eBay Live等策略領域。

We continue to see strong efficiency in our lower funnel campaigns even as we began to lap a notable step-up in efficiency in the prior year midway through the quarter. Alongside other operational efficiencies, we also saw a moderation in transaction losses sequentially as a result of our team's work to optimize our newer shipping programs and customer experience with further progress expected in the second half of the year. Our strong operating performance translated into non-GAAP earnings per share of $1.60, up 17% and GAAP earnings per share of $1.21.

即使我們在本季中段開始與去年同期一項顯著的效率提升形成比較基期，我們在漏斗下游行銷活動中仍持續展現強勁效率。在其他營運效率的配合下，隨著團隊致力於優化較新的物流方案與客戶體驗，我們也看到交易損失較前一季趨緩，並預期下半年將有進一步進展。強勁的營運表現帶動非GAAP每股盈餘（EPS）達1.60美元，年增17%，GAAP每股盈餘為1.21美元。

Shifting to our balance sheet and capital allocation. We generated free cash flow of $326 million in Q2 and ended the period with cash and fixed income investments of $4.9 billion and gross debt of $6.7 billion on our balance sheet. Our equity investments and warrants were valued at roughly $780 million. We repurchased $310 million of eBay shares in the second quarter at an average price of approximately $104. The pace of repurchases in Q2 was influenced by share price volatility during the quarter, which impacted our preestablished repurchase programs.

接著談資產負債表與資本配置。第二季我們創造自由現金流3.26億美元，期末資產負債表上的現金與固定收益投資為49億美元，總負債為67億美元。我們的股權投資與認股權證估值約為7.80億美元。第二季我們以約104美元的平均價格回購3.10億美元的eBay股票。第二季回購節奏受到當季股價波動影響，進而影響我們既定的回購計畫。

We also paid a quarterly cash dividend of $138 million in June or $0.31 per share. On July 30, we closed the acquisition of Depop for $1.4 billion in cash reflecting the purchase price of $1.2 billion and approximately $200 million of net purchase price adjustments. The purchase price adjustments mainly reflected certain investments that Etsy and Depop made prior to the acquisition close.

我們也於6月支付1.38億美元的季度現金股利，或每股0.31美元。7月30日，我們以14億美元現金完成對Depop的收購，反映12億美元的購買價格以及約2億美元的淨購買價格調整。購買價格調整主要反映Etsy與Depop在收購完成前所進行的若干投資。

Next, I will share some thoughts on our outlook, starting with the third quarter. Please reference the earnings presentation accompanying our release for our outlook and spot growth terms and foreign exchange implications. We expect consolidated GMV between $22 billion and $22.4 billion in Q3, including the impact of recently acquired Depop, which represents total FX-neutral growth between 10% and 12% year-over-year or organic growth between 7% and 9%. Our guidance implies Depop would contribute approximately 2.5-percentage-points to total FX-neutral GMV growth in a partial quarter.

接下來我將分享對展望的一些看法，先從第三季開始。關於展望、即期成長（spot growth）用語與外匯影響，請參考隨本次發布一併提供的財報簡報。我們預期第三季合併GMV介於220億至224億美元之間，包含近期收購Depop的影響；這相當於以固定匯率（FX-neutral）計算年增10%至12%，或有機成長7%至9%。我們的指引意味著Depop在非完整季度中，將對合計FX-neutral GMV成長貢獻約2.5個百分點。

Our consolidated GMV guidance implies continued broad-based growth from the core eBay Marketplace as our strategic priorities continue to drive durable growth across multiple categories. The implied year-over-year deceleration from Q2 to Q3 is primarily due to the lapping dynamics we have discussed in recent quarters, which we started to observe in July as expected. In contrast, our outlook contemplates an acceleration in Depop's year-over-year GMV growth versus Q2 on a pro forma basis, driven in part by the effectiveness of recent marketing and shipping investments.

我們的合併GMV指引意味著核心eBay Marketplace仍將延續廣泛的成長動能，因我們的策略優先事項持續在多個品類推動具韌性的成長。從第二季到第三季年增率放緩，主要是由於我們近幾季所討論的比較基期效應；我們如預期在7月開始觀察到此動態。相較之下，我們的展望假設Depop在擬制（pro forma）基礎上，其年對年GMV成長相較第二季將加速，部分受惠於近期行銷與物流投資的成效。

We forecast consolidated revenue to be between $3.07 billion and $3.12 billion in the third quarter, which represents total FX-neutral growth between 8% and 10% year-over-year or organic growth between approximately 7% and 9%. We expect Depop to contribute approximately 1.5-percentage-points to total FX-neutral revenue growth which is lower than its contribution to GMV growth, primarily because a significant portion of our planned shipping investment will be recognized as contra revenue. We have seen strong buyer response to improve shipping affordability, including higher customer acquisition and transaction velocity, particularly at more accessible price points.

我們預估第三季合併營收介於30.7億至31.2億美元，這相當於以FX-neutral計算年增8%至10%，或有機成長約7%至9%。我們預期Depop將對合計FX-neutral營收成長貢獻約1.5個百分點，低於其對GMV成長的貢獻，主要因我們規劃中的相當一部分物流投資將以營收抵減（contra revenue）方式認列。我們看到買家對提升物流可負擔性的回應強勁，包括更高的客戶獲取與交易周轉速度，尤其是在更易入手的價格帶。

We believe this investment can unlock a larger addressable market in C2C fashion, and we will continue to calibrate it based on the returns we observe. We expect consolidated non-GAAP operating income growth to be between 1% and 5% year-over-year in Q3, which implies non-GAAP operating margin between 25.1% and 25.6%, this includes an expected 3- to 4-point headwind to non-GAAP operating income growth from Depop.

我們相信這項投資可在C2C時尚領域解鎖更大的可服務市場（addressable market），並將持續依據我們觀察到的報酬來校準投資力度。我們預期第三季合併非GAAP營業利益年增介於1%至5%，意味著非GAAP營業利益率介於25.1%至25.6%；其中包含Depop對非GAAP營業利益成長帶來的預期3至4個百分點逆風。

Our outperformance in the first half has created incremental capacity to invest behind strategic priorities where we are seeing strong returns, including C2C, eBay Live and our shipping road map, while continuing to drive healthy flow-through from the core business. We are also investing behind Depop strong momentum and the significant opportunity we see in C2C and a younger customer demographic. Importantly, a portion of this investment is being funded by allocating existing marketing spend to Depop, which mitigates the incremental pressure on consolidated operating income.

上半年表現優於預期，為我們在策略優先事項上加碼投資創造了額外空間；我們在C2C、eBay Live與物流路線圖等領域看到強勁回報，同時也持續讓核心業務帶來健康的利潤流入。我們也正投入資源支持Depop的強勁動能，以及我們在C2C與更年輕客群上看到的重大機會。重要的是，其中一部分投資將透過把既有行銷支出配置至Depop來支應，從而減輕對合併營業利益的額外壓力。

We believe we are striking the right balance by investing behind our strongest growth opportunities where we expect attractive returns while continuing to deliver healthy consolidated earnings growth. We forecast consolidated non-GAAP earnings per share between $1.36 and $1.42 in Q3, which implies year-over-year growth between 1% and 5%. This includes an expected mid-single-digit headwind to non-GAAP EPS growth from Depop, with the impact to EPS being modestly higher than operating income due to foregone interest income on the cash used for this transaction. Shifting to our full year outlook. We are now planning our business around consolidated year-over-year GMV growth between 11.5% and 12.5% on an FX-neutral basis, driven by our established strategic priorities, emerging growth vectors like eBay Live and vehicles and our acquisition of Depop.

我們相信，我們在投資最強成長機會（並預期可獲得具吸引力回報）與持續交付健康的合併盈餘成長之間，取得了適當平衡。我們預估第三季合併非GAAP每股盈餘介於1.36至1.42美元，意味著年增1%至5%。其中包含Depop對非GAAP EPS成長帶來的預期「中個位數」逆風；由於本次交易使用現金而放棄的利息收入，對EPS的影響將略高於對營業利益的影響。接著談全年展望。我們目前以FX-neutral基礎規劃業務，預期合併GMV年對年成長介於11.5%至12.5%，動能來自既定的策略優先事項、新興成長動能如eBay Live與車輛品類，以及我們對Depop的收購。

This includes an expected contribution of roughly 1.5-percentage-points from Depop and assumes its GMV growth will accelerate by double-digit percentage points in the second half of this year versus Q2 on a pro forma basis, reflecting Depop strong momentum. We expect consolidated full year revenue growth to be roughly 0.5 point below GMV growth on an FX-neutral basis or between 11% and 12% year-over-year as healthy growth in advertising shipping revenue is expected to be offset by mix shifts in our business, including higher growth contributions from live and vehicles and the impact of the Depop acquisition.

這包括來自 Depop 約 1.5 個百分點的預期貢獻，並假設在備考（pro forma）基礎上，Depop 的 GMV 成長在今年下半年相較於第二季將以雙位數百分點加速，反映 Depop 強勁的動能。我們預期在匯率中性（FX-neutral）基礎上，全年合併營收成長將約比 GMV 成長低 0.5 個百分點，亦即年增約 11% 至 12%；預期廣告與運輸相關營收的健康成長，將被我們業務組合變化所抵銷，包括直播與汽車業務較高的成長貢獻，以及收購 Depop 的影響。

We expect Depop to contribute roughly 1-percentage-point to consolidated revenue growth. We now expect consolidated non-GAAP operating income growth between 10% and 12% year-over-year in 2026, which contemplates a stronger outlook for operating income growth driven by the core eBay marketplace, while Depop is expected to be roughly 2-percentage-point headwind to growth.

我們預期 Depop 將為合併營收成長貢獻約 1 個百分點。我們目前預期 2026 年合併非 GAAP 營業利益年增介於 10% 至 12%，此預測反映由 eBay 核心市集帶動的更強勁營業利益成長展望；同時，Depop 預期將對成長造成約 2 個百分點的逆風。

We expect full year consolidated non-GAAP earnings per share growth between 10% and 12% year-over-year, with Depop representing roughly 2.5-percentage-points of dilution to our non-GAAP EPS. We anticipate our lower cash balance and higher interest expense would pressure the net interest and other line item year-over-year, partially offsetting the tailwind from our share repurchases. We continue to expect a non-GAAP tax rate of 17.5% for the full year, which is 1-percentage-point higher than our tax rate in 2025.

我們預期全年合併非 GAAP 每股盈餘（EPS）年增介於 10% 至 12%，其中 Depop 對我們非 GAAP EPS 約造成 2.5 個百分點的稀釋。我們預期較低的現金餘額與較高的利息費用，將使淨利息及其他項目相較去年承壓，並將部分抵銷我們股票回購帶來的順風。我們仍預期全年非 GAAP 稅率為 17.5%，較 2025 年稅率高 1 個百分點。

Our capital allocation outlook remains unchanged. We forecast capital expenditures to be between 4% and 5% of revenue for the full year. We continue to target roughly $2 billion of share repurchases for the full year and plan to increase our quarterly repurchase rate from Q2. In addition, our board declared a quarterly cash dividend of $0.31 per share for the third quarter to be paid in September. In closing, Q2 was another strong quarter that clearly demonstrated the power of our strategy, broad-based momentum across our strategic priorities delivered outperformance on both the top and bottom lines.

我們的資本配置展望維持不變。我們預估全年資本支出將介於營收的 4% 至 5%。我們仍以全年約 20 億美元的股票回購為目標，並計畫自第二季起提高季度回購速度。此外，我們董事會宣告第三季每股 0.31 美元的季度現金股利，將於 9 月發放。最後，第二季再次是強勁的一季，清楚展現我們策略的力量；我們在各項策略優先事項上呈現廣泛動能，推動營收與獲利（上、下線）雙雙優於預期。

We enter the second half of the year in a strong position with our improved full year outlook reflecting the momentum we see across focus categories, C2C and recommerce. We are confident in our strategy and focused on driving durable, profitable growth for our shareholders.

我們以強勁態勢進入下半年；我們上調的全年展望反映了我們在重點品類、C2C 與循環再商務（recommerce）所見到的動能。我們對策略充滿信心，並專注於為股東推動可持續且具獲利性的成長。

With that, Jamie and I will now take your questions.

接下來，Jamie 和我將開始回答各位的提問。

(Operator Instructions) Colin Sebastian with Baird.

(接線員指示) Baird 的 Colin Sebastian。

Great. Thank you, and I appreciate the questions. I guess, first off, I mean, you talked about higher engagement of eBay Live buyers, and I was hoping you could perhaps explain a little bit more about how this can resonate across the broader platform, how extensible, this is to other categories and a larger buyer base? And then secondly, Jamie, on the AI-powered discovery and listing tools, those seem fairly well utilized now across the marketplace. What's the next frontier for AI on eBay or untapped opportunity, I guess, if it's seller side automation or search and discovery or something else?

很好。謝謝，我也很感謝能提問。我想先從你們提到 eBay Live 買家更高的參與度談起，我希望你們能再多說明一些：這如何在更廣泛的平台上產生共鳴？它在其他品類以及更大的買家基礎上有多可延展？第二個問題是，Jamie，關於 AI 驅動的探索（discovery）與刊登（listing）工具，這些工具現在看起來在整個市集中已被相當廣泛使用。那麼 eBay 的 AI 下一個前沿或尚未開發的機會是什麼？例如賣家端自動化、搜尋與探索，或其他方向？

Yes. Thanks for the question, Colin. So first off, on live buyers, what's exciting to see is the synergies between our core marketplace and on eBay Live. So when we look at buyers that start shopping in live, they're spending 70% more than comparable buyers that are not shopping on live. And it's great to see like the engagement that we're getting, the increased views, et cetera, saving sellers and driving that engagement.

是的。謝謝你的問題，Colin。首先談直播買家，令人振奮的是我們核心市集與 eBay Live 之間的協同效應。當我們觀察從直播開始購物的買家，他們的花費比未在直播購物的可比買家高出 70%。而且很高興看到我們獲得的參與度、增加的觀看量等等，這些都在幫助賣家並推動這種互動。

And so we put up some healthy buyer numbers this quarter, and it's great to see kind of what's happening with live. It's a really nice halo. We're seeing the nice thing, the same type of thing on the seller side, where our sellers that are doing live are seeing faster growth because of the, because of their participation in live.

因此本季我們交出不錯的買家數據，也很高興看到直播帶來的變化。這是一個非常好的光環效應（halo）。在賣家端我們也看到同樣的情況：參與直播的賣家因為參與直播而看到更快的成長。

On Magical Listings, we're really excited. I mean now it's been hundreds of millions of listings that are out there. We've expanded it now across our major geographies across US, UK and Germany. We just added it to Australia, and we continue to see great reaction from sellers, faster listing times, stronger repeat behavior and significantly more sold items in GMV per listing attempter, and that's leading to a measurable uplift on C2C sellers and supply, and we talked about the success we're seeing in C2C.

關於 Magical Listings，我們非常興奮。目前已經有數億筆刊登使用了這項功能。我們已將其擴展到美國、英國與德國等主要市場。我們剛把它加入澳洲，並持續看到賣家非常正面的回饋：刊登時間更快、重複使用行為更強，以及每位嘗試刊登者（per listing attempter）每筆刊登所帶來的 GMV 中售出商品數顯著增加；這正帶來可衡量的 C2C 賣家與供給提升，我們也談到在 C2C 看到的成功。

The next step is to expand that to all C2C sellers, because it's right now just a new and reactivated sellers. And so Australia is the first market where we're doing that. In fact, starting this month, we are, we've expanded that to all C2C sellers, and we'll learn a lot through that market to keep expanding it. Broadly, beyond selling, we continue to apply our 30 years of data to lots of different areas. AI is being helpful to us in advertising.

下一步是把它擴展到所有 C2C 賣家，因為目前僅適用於新賣家與重新啟用的賣家。澳洲是我們首先這麼做的市場。事實上，從本月開始，我們已將其擴展到所有 C2C 賣家，我們會透過該市場學到很多，以便持續擴大推廣。更廣泛而言，除了銷售端，我們持續把 30 年的資料應用到許多不同領域。AI 也正在幫助我們的廣告業務。

It's really helping us drive our search experience and our search conversion with what we're doing there. We're using it in our CRM materials to be much more targeted, and we're seeing much more engagement there, really across the board, we're seeing it. But in terms of Magic listings, we've still got a lot more penetration to go to drive to increase the experience and continue to drive our listings growth with it.

它也確實在幫助我們提升搜尋體驗，以及我們在那方面所做工作的搜尋轉換率。我們也把它用在 CRM 素材上，以做到更精準的觸達，並看到更高的互動；基本上各方面我們都看到了成效。但就 Magic listings 而言，我們仍有很大的滲透率提升空間，可用來改善體驗並持續推動刊登量成長。

Michael Morton with MoffettNathanson.

MoffettNathanson 的 Michael Morton。

Good afternoon. Thank you for all the context on the planned investments in the C2C business and the Depop acquisition. Big picture, I was wondering what your outlook is for the competitive intensity in this market, I would say, in the US, but also internationally. C2C is accelerating, but that's not a secret and there are several players, making aggressive investments in that? And then my second question, maybe just a boring accounting one.

下午好。謝謝你們提供關於 C2C 業務計畫性投資與收購 Depop 的所有背景資訊。從大方向來看，我想請教你們對這個市場競爭強度的展望——我會說在美國，但也包括國際市場。C2C 正在加速，但這並不是秘密，市場上有好幾個玩家正在進行積極投資。第二個問題可能比較無聊，是會計相關的。

For eBay Motors, when you speak to eBay Motors and you talk about it contributing 2% of GMV growth, I just want to make sure that's not including parts and accessories. And if it is just eBay Motors as in vehicles. Can you kind of help us understand that growth rate that's organic, more volume versus being able to be measured due to the Caramel integration where you can kind of guarantee that the transaction occurred .

關於 eBay Motors，當你們談到 eBay Motors 並說它貢獻了 GMV 成長的 2% 時，我想確認這是否不包含零件與配件。也就是說，如果這裡的 eBay Motors 指的是車輛業務。你們能否協助我們理解這個成長率中，有多少是有機成長（organic），更多來自交易量提升；又有多少是因為 Caramel 整合，使你們能夠衡量並確認交易確實發生。

Yes. I'll take the first one. So first on the opportunity there. We see a huge underpenetrated opportunity in C2C fashion in the US market.

是的。我先回答第一個。先談那個機會。我們在美國市場的 C2C 時尚領域看到一個滲透率仍然很低、但規模巨大的機會。

And the market growth we're seeing really validates the size of that opportunity. We're coming at this from a real position of strength. eBay has over $10 billion business in Fashion and C2C GMV is growing faster than our overall US business. And now we've added Depop, which brings an established brand, a discovery led product experience and a strong reach with younger consumers.

而我們看到的市場成長，確實驗證了這個機會的規模。我們是以非常強勢的基礎切入：eBay 在時尚領域的業務規模超過 100 億美元，而 C2C 的 GMV 成長速度也快於我們在美國的整體業務。此外我們也加入了 Depop，它帶來一個成熟的品牌、以探索為導向的產品體驗，以及在年輕消費者族群中的強大觸及。

And when you look at it, both eBay and Depop delivered very strong growth in Q2, suggesting that deep ops momentum was incremental to ours and the addressable market is expanding.

而當你觀察時，eBay 與 Depop 在第二季都交出了非常強勁的成長，顯示 Depop 的動能是在我們既有動能之上額外增量的，同時可觸及市場也正在擴大。

So we're really focused on using these complementary value propositions to unlock substantially more consumer supply and capture more of the significant untapped market opportunity in C2C and in recommerce. Do you want to take the motors question?

因此，我們確實專注於運用這些互補的價值主張，來釋放顯著更多的消費者供給，並在 C2C 與再商務（recommerce）領域把握更多尚未被開發的重大市場機會。你要接著回答汽車（Motors）的問題嗎？

Sure. Thanks for the question, Mike. So for eBay Motors, that includes both parts and accessories and vehicles. The majority of it is parts and accessories since that's established piece of it. Vehicles is earlier stage, but becoming a larger contribution to overall motors and to the company overall.

當然。謝謝你的提問，Mike。就 eBay Motors 而言，涵蓋汽車零件與配件，以及整車。其中大多數來自零件與配件，因為那是已經相當成熟的業務。整車業務仍在較早期階段，但正逐步成為 Motors 整體、以及公司整體更大的貢獻來源。

And obviously, the acquisition of Caramel has just really improved the user experience and the ability to vehicles and sort of have an all-in offering, which is helping the growth of the Motors business vehicle specifically, but also with parts and accessories being very complementary to the vehicles business.

而且很明顯地，收購 Caramel 確實大幅改善了使用者體驗，以及完成整車交易的能力，並提供某種「一站式」的完整方案；這有助於 Motors 業務、特別是整車業務的成長，同時零件與配件也與整車業務高度互補。

Ken Gawrelski with Wells Fargo.

Wells Fargo 的 Ken Gawrelski。

Yes, sorry about that. I had on mute. Could we talk a little bit more about Depop and the opportunity there. How do you, could you talk a little bit about ongoing marketing intensity. There's a new market entrant in the US, you've faced this market entrant in Europe, UK, Germany, other European markets.

是的，不好意思。我剛剛把麥克風設成靜音了。我們能否再多談一點 Depop 以及那裡的機會。你們能否談談持續的行銷投入強度。美國有一個新的市場進入者，而你們在歐洲、英國、德國及其他歐洲市場都曾面對過這個進入者。

Could you talk about what you learned from those lessons, what you might apply to what you see here in the US. And talk about using Depop as kind of an offensive weapon relative to maybe the tactics you used in the UK and Germany.

能否談談你們從那些經驗中學到什麼，以及可能如何應用到你們在美國所看到的情況。並談談把 Depop 當作一種進攻性武器，相較於你們在英國與德國可能採用的策略。

Yes, I'll take that. So look, when you look at the US consumer, first eBay brings a really strong US C2C business. It's one of our strongest area.

好的，我來回答。你看，談到美國消費者，首先 eBay 在美國的 C2C 業務非常強。這是我們最強的領域之一。

But when we look at the US market, we believe that the pre-loved closet, if you will, is even underpenetrated relative to other markets. So we see a massive TAM, and that TAM is generally and is broadly incremental to kind of TAM that we've seen on the eBay business before. So when you look at fashion, C2C and recommerce, were already important drivers to eBay's growth before the acquisition. But Depop brings a fast-growing established brand, community, a great sell-to-buy flywheel and a real discovery led product experience that also expands their reach with younger consumers, in a world of limited resources, they decided to focus their efforts on the US market, and it's been performing very well.

但當我們看美國市場時，我們認為所謂的「二手衣櫥」（pre-loved closet）相較於其他市場仍更未被充分滲透。因此我們看到一個巨大的 TAM（總可服務市場），而這個 TAM 整體而言、廣泛而言，通常是相對於我們過去在 eBay 業務所看到的 TAM 的增量。所以當你看時尚、C2C 與再商務，在收購之前就已經是推動 eBay 成長的重要動能。但 Depop 帶來的是一個快速成長且已建立的品牌、社群、很棒的「賣出再買入」飛輪，以及以探索為導向的產品體驗；這也擴大了其在年輕消費者中的觸及。在資源有限的情況下，他們決定把重心放在美國市場，而且表現非常好。

If you look at the time of the acquisition, Ken, we had, they had 7 million buyers by the end of Q2, they had 9 million buyers. And we see the opportunity to combine that with eBay scale demand, our trust, our shipping capabilities, our marketplace infrastructure that can really help them capture more of that untapped opportunity. So we're really excited. Our analysis suggests that C2C second-hand fashion only has low single-digit online penetration today compared to significantly higher in Europe. And so we're excited to kind of go after that TAM and leverage the investments.

Ken，如果你看收購時點，他們在第二季末有 700 萬買家，到第二季末已經有 900 萬買家。我們看到的機會是把這與 eBay 的規模化需求、我們的信任機制、物流運送能力，以及我們的市集基礎設施結合，確實能幫助他們掌握更多尚未被開發的機會。所以我們真的非常興奮。我們的分析顯示，C2C 二手時尚目前線上滲透率只有低個位數百分比，相較之下歐洲顯著更高。因此我們很期待去追逐那個 TAM，並槓桿運用這些投資。

Peggy, do you want to talk more about how we're thinking about the marketing side?

Peggy，你要不要多談談我們如何思考行銷面？

Yes. The investments that we're making are primarily within full funnel marketing and shipping affordability. It's important to note that some of our planned investments in Depop are being funded by deploying existing eBay C2C and fashion marketing dollars. It doesn't translate incrementally to expenses overall for eBay. The shipping investments are coming in the way of tiered buyer-facing incentives that reduce the all-in cost of a purchase, which is particularly important for lower ASP fashion, where shipping can represent a meaningful portion of the total price.

好的。我們正在進行的投資主要集中在全漏斗行銷，以及運費可負擔性。重要的是，我們對 Depop 的部分既定投資計畫，是透過調度 eBay 既有的 C2C 與時尚行銷預算來支應。這不會使 eBay 的整體費用出現額外的增量增加。運費方面的投資，則是以分級、面向買家的激勵措施呈現，用以降低一次購買的全包成本；這對於較低 ASP（平均售價）的時尚品類尤其重要，因為運費可能占總價相當大的比重。

So by increasing the affordability at a broader range of price points, we're seeing increased conversion, more customer acquisition, converting those buyers into enthusiasts. And so we're really seeing that the ROI of that investment is worth the investment. And overall, we were able to do this all within a very healthy financial architecture overall for eBay.

因此，透過在更廣泛的價格帶提升可負擔性，我們看到轉換率提升、更多客戶獲取，並把這些買家轉化為熱衷用戶。所以我們確實看到這項投資的 ROI 值得投入。而整體而言，我們也能在 eBay 非常健康的整體財務架構之下完成這些作法。

Can I ask one follow-up, please, if you don't mind. Just, as you think about the tactics employed in Western Europe, it ultimately ended up in commission changes from a seller to to a buyer fee in the UK and then a complete reduction in the fee, I think, or elimination of the fee in Germany. What's your level of confidence that the tactics you're employing now will be effective in, more effective in the US. I completely appreciate what you're saying and that you have a much stronger platform here to fight with.

如果你不介意，我可以再追問一個問題嗎？就是，當你們回想在西歐採用的策略，最後在英國是把佣金從賣方改成買方費用，然後在德國我記得是大幅降低費用，或甚至取消費用。你們對於目前採用的策略在美國會有效、甚至更有效的信心程度如何？我完全理解你們所說的，而且你們在這裡確實有更強的平台可以應戰。

But could you please just touch on those points for us, please?

但能否請你們就這些點再為我們說明一下？

Yes. As it relates to the US, we have no current plans to change the fees as it relates to eBay. Depop already has a buyer fee model, which is complementary to kind of that discovery-led type of experience. And so that's kind of built into that pricing change. They made that change quite some time ago.

好的。就美國而言，我們目前沒有任何計畫要調整 eBay 的費用結構。Depop 本來就採用買方付費模式，這與那種以探索為導向的體驗是互補的。因此那已經內建在其定價機制之中。他們在相當久以前就已經做了那項調整。

And so overall, we feel like we're in a very strong competitive position. When you look at the combination of the scale and the capabilities that we've built, the strength that we have in our eBay Fashion business, combined with this high growth well established brand that appease younger consumers, we feel very, very strong.

整體來看，我們覺得自己處於非常強的競爭位置。當你看到我們所具備的規模與已建立的能力、我們 eBay 時尚業務的強勢，再加上這個高成長、已相當成熟且吸引年輕消費者的品牌結合在一起，我們感覺非常、非常有信心。

I have had a huge group of interns here this summer. And I went around and said, how many of you use Depop? And almost every hand went up. And they talked about how much they love the experience, the high customer satisfaction, the sell-to-buy flywheel. And I think that's why it's such a strong and growing brand. And I'm excited.

今年夏天我這裡有一大群實習生。我到處問：你們有多少人用 Depop？幾乎每個人都舉手。他們談到自己多喜歡那個體驗、高客戶滿意度，以及「賣出再買入」的飛輪。我想這就是它為什麼是一個如此強大且持續成長的品牌。我很期待。

I mean, it's only a couple of days into the acquisition, but I'm really excited to kind of be able to unlock more and more of the synergies that we've talked about to this real hyper-growth asset. That's now part of eBay.

我的意思是，收購才剛過幾天，但我真的很期待能夠逐步釋放我們談到的更多協同效益，來推動這個真正的超高成長資產。它現在已經是 eBay 的一部分。

Ross Sandler with Barclays.

Barclays 的 Ross Sandler。

Thanks, guys. Maybe shifting gears to core eBay ex Depop, so the, we're about to lap some of the kind of nondurable items that you guys have talked about in the past, yet the 3Q and the implied kind of 4Q GMV looks like it's just shy of 10% kind of organic. So just curious for an update on some of those lapping dynamics. It seems like we're broadening out a bit across these focused categories. And so maybe some of that non-durable is becoming more durable.

謝謝，各位。也許換個話題談核心 eBay（不含 Depop）。你們過去提過的一些非耐用品品類，我們即將進入同比基期（lap），但第三季以及隱含的第四季 GMV 看起來接近 10% 的有機成長、只是略低一些。所以想請你們更新一下這些同比基期效應的動態。看起來我們在這些聚焦品類上有些擴散。因此也許部分非耐用品正在變得更偏耐用品。

Just curious to hear what's going on with the consumer and your increased confidence in this growth rate in the back half?

想請教目前消費者端發生了什麼，以及你們對下半年這個成長率更有信心的原因？

Peg, do you want to take that one?

Peg，你想回答這題嗎？

Yes, sure. So first on your question about lapping dynamics, some of the dynamics. In Q3, we'll be lapping a full quarter of last year's benefit from the launch of our US Klarna partnership as opposed to only a partial quarter in Q2. We also will continue to lap last year's marketing efficiency gains from a favorable competitive environment.

是的，當然。先回到你關於 lapping dynamics（基期對比效應）的一些問題、以及其中的一些動態。在第三季，我們將會對比去年因美國 Klarna 合作夥伴關係上線所帶來的效益，去年是完整一季；相較之下，第二季只對比到部分季度。我們也會持續對比去年在有利競爭環境下所取得的行銷效率提升。

And then for the core marketplace, excluding Depop, we believe that a year over two year comparison, provides a clearer view.

接著就核心市集而言（不含 Depop），我們認為用「一年對兩年」的比較，能提供更清楚的視角。

You can really see the lapping dynamics that way. And on that basis, our outlook implies a Q3 GMV growth, that's still quite healthy. When we think about the second half in total, so the whole second half of the year, beyond the lapping dynamics, we expect and this is baked in a deceleration in Pokemon growth as we lap last year's triple-digit growth with tougher year-over-year comparisons in the second half. And then beginning in Q4, we'll start to lap the strength in the Bullion demand, which we flagged in late '25 and early '26. So outside of that, we believe that the majority of our growth is durable, and we remain very confident about the underlying strength of our business, which is what drove us to raise our full year outlook.

用這種方式你會更清楚看到基期對比效應的動態。在此基礎上，我們的展望意味著第三季 GMV 成長仍然相當健康。當我們看整個下半年、也就是全年後半段，除了基期對比效應之外，我們預期（且已納入假設）寶可夢（Pokemon）成長將放緩，因為下半年要對比去年三位數成長，年對年比較會更具挑戰。另外從第四季開始，我們也會開始對比金條（Bullion）需求的強勁表現，我們在 25 年底與 26 年初曾提示過。除此之外，我們相信我們大部分的成長具備持續性；我們對業務的基本面強勁仍非常有信心，這也是促使我們上調全年展望的原因。

And in that, we've considered a variety of scenarios as it relates to the macro economic environment. We're not expecting any significant change that we've baked in. And all of that is included in our our confidence in raising the full year.

在這當中，我們也針對總體經濟環境考量了各種情境。我們不預期會出現任何我們已納入假設之外的重大變化。而這些都包含在我們上調全年展望的信心之中。

Deepak Mathivanan with Cantor Fitzgerald.

Cantor Fitzgerald 的 Deepak Mathivanan。

Right. Jamie, can I ask about eBay Live, Basically, we've seen growth approximately 7x to 8x year-on-year over the last few quarters. Any incremental color you can provide on penetration in terms of seller or buyer participation? How are you now increasingly using AI to make merchandising life easier. And then second question, maybe for Peggy, on marketing reallocation from core Depop, are there certain markets that are discretionary in core that you think can be reallocated to Depop over the next few quarters?

好的。Jamie，我想問一下 eBay Live。基本上，過去幾季我們看到年對年成長大約 7 倍到 8 倍。你能否補充一些關於滲透率的資訊，例如賣家或買家參與度？你們現在如何更進一步運用 AI 讓商品經營（merchandising）更省力？第二個問題可能給 Peggy：關於把行銷資源從核心業務重新分配到 Depop，在核心業務中是否有某些市場屬於可彈性調整、你認為未來幾季可以重新分配到 Depop？

Any additional insights you can provide on what those dollars would be.

你能否再多分享一些，這些資金大概會是哪些預算？

Yes. Look, I think we're really excited because eBay Live has grown, as you said, 7x to 8x year-over-year. And to date, it's kind of been more of an invite-only type of program and starting just this past month, we actually moved it to a self-service type of thing. So we're going to keep kind of the same high trust bar that we have on the platform. but making it easier for sellers to come into the platform and onboard there.

可以。我想我們真的很興奮，因為 eBay Live 如你所說，年對年成長了 7 倍到 8 倍。截至目前，它比較像是邀請制的計畫；而從上個月開始，我們其實把它轉為自助式（self-service）的模式。因此我們會維持平台一貫的高信任門檻，但同時讓賣家更容易進入平台並完成上架／導入。

And we see that, as I talked about upfront, it's really strengthening sellers' businesses when they come on. So sellers who stream regularly see more visits than comparable sellers. And so it's really driving that.

而且我們看到，正如我一開始提到的，賣家加入後確實能強化他們的生意。定期直播的賣家，相較於可比賣家會看到更多造訪量。因此它確實在推動這件事。

You've also seen us doing a lot more demand scaling, whether that's the paid social things that we're doing, working with our sellers increasing the prominence of live on the overall kind of website and app. When you look at it, we're actually taking share in all seven markets. We just had this great activation at the national, which is the largest Collectibles trade show, and we were there with Logan Paul and Ken Golden, hosting lives, et cetera, Ron Gronkowski did one. And we're really kind of happy with the growth that we're seeing, but I'm also really excited for these new demand drivers and opening up sellers kind of more broadly on the marketplace. Peggy, do you want to take the second one?

你也看到我們做了更多需求端的擴量，不論是我們在做的付費社群（paid social）活動，或是與賣家合作、提升直播在整體網站與 App 上的曝光度。從結果來看，我們在全部七個市場都在取得市占。我們剛在「National」做了一次很棒的活動，那是最大的收藏品（Collectibles）交易展；我們與 Logan Paul、Ken Golden 一起在現場主持直播等等，Ron Gronkowski 也做了一場。我們對目前看到的成長很滿意，但我也對這些新的需求驅動因素、以及更廣泛地向市集賣家開放感到非常興奮。Peggy，你要回答第二題嗎？

Sure. One of the things that we've been focused on for a while now is really a discipline around OpEx and efficiency with a focus on delivering sustainable growth in operating income and earnings per share. We've been executing on a strategy where we're really focused on balancing investment in GMV and revenue growth, while also improving operating margin and return to capital in order to get that mix right. And so when we think about Depop, we feel like over time, eBay scale, marketing expertise, carrier relationships, shipping technology, are all areas that are going to help us convert today's growth investment in to a structurally better unit economic model.

當然。我們一段時間以來一直聚焦的一件事，是在營運費用（OpEx）與效率上的紀律，並以實現營業利益與每股盈餘的可持續成長為目標。我們一直在執行一項策略：在投資 GMV 與營收成長的同時，也提升營業利益率與資本報酬率，以取得正確的組合。因此當我們看 Depop 時，我們認為隨著時間推進，eBay 的規模、行銷專業、承運商合作關係、運輸技術等領域，都將幫助我們把今天的成長型投資，轉化為結構性更佳的單位經濟模型。

And that's what gave us the confidence to say that Depop is going to become accretive to consolidated non-GAAP operating income in 2028. And so what's great about the way we're investing is that there's a lot of synergies between eBay and Depop, and so that enables us to really focus our investment in areas that are going to allow us capture a growing TAM in the fashion C2C business. And so that's where we're able to continue to get efficiency to invest in the top line.

這也是讓我們有信心表示：Depop 將在 2028 年對合併口徑的非 GAAP 營業利益產生增益（accretive）。而我們投資方式的優點在於，eBay 與 Depop 之間有很多綜效，因此我們能把投資更聚焦在能夠掌握時尚 C2C 業務不斷擴大的 TAM（可服務總市場）的領域。也因此，我們能持續提升效率，進而投資於營收端成長。

Tom Champion with Piper.

Piper 的 Tom Champion。

Hi. Good afternoon, everyone. Jamie, maybe to begin with you. It's been quite a journey in GMV growth from Post COVID to now, and I'm just curious if you could take a step back and frame for us, what you think the GMV growth opportunity is maybe on a longer-term basis? Is there a back of the envelope or heuristic that you go back to?

嗨。各位下午好。Jamie，我先從你開始。從疫情後到現在，GMV 成長走過了一段不小的旅程；我想請你退一步幫我們框架一下，你認為更長期來看 GMV 成長機會大概是什麼？你是否有一個粗略估算（back of the envelope）或經驗法則（heuristic）會回去參考？

And then maybe, Peggy, for you, I'm just curious if you could talk about active buyer growth and the prospects for that relative to the 2% we've seen in the last couple of quarters. I think you referenced some stronger enthusiast buyer growth recently. Any comments on that would be really helpful.

另外 Peggy，我也想請教你：活躍買家成長，以及相對於過去幾季我們看到約 2% 的成長，你對未來的看法如何？我記得你提到最近一些更強勁的「愛好者型」買家成長。若能對此評論一下會很有幫助。

Yes. Thanks for the questions, Tom. Good to talk to you. So if you look at our growth right now, it's really kind of broad-based and across the board, which speaks to kind of the durability. I'd say specifically to your question if you look at the two year stack for the second half of the year, it's a good indicator of the durable underlying strength of our marketplace, which I think compares very well to benchmarks.

好的。謝謝你的問題，Tom。很高興跟你交流。如果你看我們目前的成長，其實相當廣泛、各面向都有，這也反映出其持續性。更具體回到你的問題：如果看今年下半年的兩年堆疊（two year stack），這是一個很好的指標，能顯示我們市集底層基本面的持續強勁；我認為與同業基準相比也表現得很好。

The other thing I'd say is that we are taking share in focused categories in C2C and in eBay Live. And every quarter, our strategic priorities are growing in mix.

另外我想說的是，我們在 C2C 的聚焦品類以及 eBay Live 都在取得市占。而且每一季，我們的策略優先事項在組合占比上都在提升。

So these tailwinds are influencing more of our total marketplace growth. And it's great to see now that 70% of our GMV is driven in the strategic areas of the business. And we're seeing that over 20% growth in our focused categories in recommerce and C2C, which makes me feel great about the durability of the growth that you're seeing in the business. Peg, do you want to take the buyer question?

因此，這些順風因素正在影響我們更多的整體市集成長。很高興看到現在我們 70% 的 GMV 由業務的策略領域所驅動。而且我們在再商業（recommerce）與 C2C 的聚焦品類看到超過 20% 的成長，這讓我對你在業務中看到的成長持續性非常有信心。Peg，你要回答買家那題嗎？

Sure. Yes. We were very encouraged to see global active buyers grew 2% year-over-year, $236 million in Q2. In addition, enthusiast buyers grew by nearly 3% year-over-year with average spend per enthusiast buyer also growing to $3,600. We've seen that buyer trends in the US have been even stronger. We've seen growth in active buyers at plus 6% year-over-year. And in the US, enthusiast buyers up 9%. And we're seeing strength across buyer counts, cohort mix, engagement, spend trends. And so what's been nice also is that we talked about the synergies of the Depop business.

當然。是的。我們很受鼓舞地看到，全球活躍買家年增 2%，第二季達 2.36 億。此外，愛好者買家年增近 3%，且每位愛好者買家的平均支出也成長至 3,600 美元。我們看到美國的買家趨勢更為強勁。我們看到活躍買家年增 6%。而在美國，愛好者買家成長 9%。我們也看到在買家數、族群組合、互動參與度、支出趨勢等各方面都展現強勁動能。另外值得一提的是，我們也談到 Depop 業務的協同效益。

Depop had approximately 7 million buyers on a trailing 12 month basis when we announced the acquisition and had close to 9 million active buyers in Q2, and we feel that these are very additive to the active buyer base. And so we're excited to include them in our buyer count starting in Q3.

我們宣布收購時，Depop 以過去 12 個月為基礎約有 700 萬名買家，而在第二季接近 900 萬名活躍買家；我們認為這些對活躍買家基礎具有很強的增量貢獻。因此，我們很期待自第三季起將他們納入我們的買家數統計。

Mig McGovern with Bank of America.

美國銀行的 Mig McGovern。

Great. Thank you. I just want to ask about the advertising penetration. I saw it ticked up to 2.7% in the quarter, still seeing really strong growth. But as we get closer to that 3% target, is there a time frame for when we might see ad growth converge a little bit with GMV growth? And is that 3% a ceiling? Or can you continue to push beyond that?

很好。謝謝。我想問一下廣告滲透率。我看到本季上升到 2.7%，成長仍然非常強勁。但當我們更接近 3% 這個目標時，是否有一個時間表，讓我們看到廣告成長可能會稍微與 GMV 成長趨於一致？另外，3% 是上限嗎？還是你們可以繼續推升到更高？

Yes. Thanks for the question, Mike. Look, Q2 was another strong quarter for ads growth at 23% FX-neutral growth. And it was really across all of our 1P ad products, which grew 24%, CPA, CBC and offsite ads,, as you said, it now represents 2.7%, but we've always said that, that 3% is just a midterm goal, and that we continue to believe that our advertising revenue will outpace the growth of the business, the growth of, and we continue to have multiple levers, including seller adoption, listings penetration, ad rate optimization as well as scaling new products. And we've been bringing AI technologies in both on the the ability to improve the yield that our sellers are getting on the ad placements, but also to just improve the overall experience from the seller side to leverage AI for recommendations for campaign building for suggestions on their dashboard and that's performing well.

是的。謝謝你的問題，Mike。第二季廣告成長再度表現強勁，以固定匯率計年增 23%。而且幾乎涵蓋我們所有的 1P 廣告產品：1P 產品成長 24%，CPA、CBC 以及站外廣告；如你所說，目前占比為 2.7%。但我們一直強調，3% 只是中期目標；我們仍然相信廣告營收將會快於整體業務成長。我們也持續擁有多個槓桿，包括賣家採用率、刊登滲透率、廣告費率最佳化，以及擴大新產品規模。同時我們也導入 AI 技術：一方面提升賣家在廣告版位上獲得的收益（yield），另一方面也改善賣家端的整體體驗，運用 AI 提供推薦、協助建立投放活動、在儀表板上給出建議，而這些表現都很不錯。

So we continue to believe we have a nice long runway for advertising growth.

因此，我們仍然相信廣告成長還有很長的跑道。

Operator, can we do one more question, please. We want to take a more question, operator.

接線員，我們可以再多一個問題嗎？我們想再多接一個問題，接線員。

Nikhil Devnani with Bernstein.

Bernstein 的 Nikhil Devnani。

I wanted to ask a couple. First, just on the GMV strength. Is it possible to deconstruct the contribution from order volume strength versus ASP dynamics? And then secondly, maybe one for Peggy. If you just put aside Depop when we think about core eBay, have you pulled forward or accelerated various investment efforts over the past year against the strong top line you've had?

我想問兩個問題。第一，關於 GMV 的強勁表現。是否可以拆解一下，訂單量走強的貢獻相較於 ASP（平均售價）變化的貢獻？第二個問題可能給 Peggy。如果先不考慮 Depop、只看 eBay 核心業務，過去一年在你們強勁的營收表現下，是否有把各項投資計畫提前或加速？

I'm just trying to put your overall EBIT algo into a broader context of your investment mandates.

我想把你們整體 EBIT 演算法（algo）放在更廣的脈絡下，理解你們的投資要求與方向。

Yes, I'll take the first one. So when I look at the GMV growth, it's really balanced, which is great to see. It's balanced across buyers, frequency, sold items and ASP. And those ASP changes are really about mix. It's really about, think about like some of our focus categories growing faster on the platform overall.

好的，我先回答第一個。當我看 GMV 成長時，它其實相當均衡，這點很令人欣慰。它在買家數、購買頻率、售出件數以及 ASP 上都很均衡。而 ASP 的變化主要來自組合（mix）。也就是說，可以把它理解為我們一些重點品類在平台上的成長速度快於整體。

And so what I would just highlight is the growth is super durable across the board. When you look at focus categories, C2C e-commerce and across the different elements that make up GMV, which give us a lot of conviction about the durability. Peggy, do you want to take the second one?

因此我想強調的是，這樣的成長在各方面都非常具延續性。當你看重點品類、C2C 電商，以及構成 GMV 的不同要素時，都能看到這種表現，這也讓我們對其延續性很有信心。Peggy，你要回答第二個嗎？

Of course, yes. We have taken the opportunity for the last several quarters that when we outperform on the top line, which we have been, that we reinvest a portion of that so that we can continue to drive durable GMV growth ahead, and you see that in the results. And so we did that in the first half. We also plan to reinvest more of our top line performance and high-return opportunities in the second half, which will also include investing in Depop as we talked about. But we're always focused on making sure that we're balancing, being able to invest in the top line long-term growth and having healthy flow-through to the bottom line, which will continue to be focused on in the second half.

當然，好的。過去幾個季度，我們把握機會：當我們在營收端表現優於預期（而我們確實如此）時，我們會將其中一部分再投資，以便持續推動未來更具延續性的 GMV 成長，你也在結果中看到了。因此我們在上半年就這麼做了。我們也計畫在下半年把更多的營收端表現與高報酬機會用於再投資，其中也包括如我們所談到的對 Depop 的投資。但我們始終聚焦於確保平衡：既能投資於營收端的長期成長，同時也能讓獲利端維持健康的流入（flow-through）；這點在下半年也會持續是我們的重點。

If I take a step back, Nikhil, the strong growth we're seeing now across the board is really the results of investments that we've made years ago. We invested in our focus categories. We build out these authentication capabilities and they're now growing 26% on the site. A year ago, we bought Caramel and invested in vehicles and talked about the run rate of hundreds of millions of dollars last quarter that we're seeing there. And so what we feel great about is we're able to drive this growth and this investment and still return of really healthy financial architecture, raising our full year guide to have OI and EPS in the double-digit range, I think, speaks to the power of our platform and our ability to invest in that long-term growth.

如果我退一步看，Nikhil，我們現在在各方面看到的強勁成長，其實是我們多年前投資的成果。我們投資於重點品類。我們建立了這些驗證（authentication）能力，而它們現在在站內成長 26%。一年前，我們收購了 Caramel，並投資於車輛業務；上季我們也談到，我們在那裡看到的年化營運規模（run rate）已達數億美元。因此我們非常有信心的是：我們能推動這樣的成長與投資，同時仍維持非常健康的財務架構；我們上調全年指引，讓營業利益（OI）與每股盈餘（EPS）達到雙位數區間，我認為這也顯示了我們平台的力量，以及我們投資長期成長的能力。

So it's a form that's been working for us, and we're going to continue to move forward.

所以這套做法對我們一直有效，我們也會持續向前推進。

Thank you for joining. This concludes today's call. You may now disconnect.

感謝各位參與。今天的電話會議到此結束。您現在可以掛線。