1) Strong Q1 Performance
- Gross merchandise volume (GMV) increased by 14% YoY to over $22 billion.
- Revenue grew by 17% YoY, exceeding $3 billion.
- Non-GAAP operating income rose 18% YoY to over $900 million.
- Non-GAAP earnings per share increased by 21% YoY to $1.66.
- Key growth drivers included collectibles, eBay Motors, and fashion, with focused categories growing 24% YoY.

2) Strategic Priorities and Investments
- Approximately 70% of total GMV is driven by focused categories, consumer-to-consumer (C2C) business, and e-commerce.
- Significant investments in trust, product experience, and full-funnel marketing are yielding positive results.
- The collectibles category saw notable growth, aided by events like the 30th anniversary of Pokémon.
- eBay Live is scaling rapidly, with a GMV run rate more than 8x higher YoY, indicating strong engagement in live shopping.

3) Operational Developments
- The acquisition of Aladin Systems aims to enhance the motors, parts, and accessories (P&A) segment by increasing recycled inventory.
- Expansion of guaranteed fit programs to Australia is expected to solidify eBay's leadership in the P&A market.
- AI-powered tools, such as the magical listing experience, have significantly improved seller engagement and listing creation.
- The introduction of a genetic search beta is enhancing buyer experience and engagement.

4) Guidance and Outlook
- For Q2 2026, GMV is expected between $21.3 billion and $21.7 billion, reflecting 8% to 10% YoY growth.
- Revenue guidance for Q2 is set between $2.97 billion and $3.03 billion, with similar growth expectations.
- Full-year GMV growth is projected between 7% and 7.5% on an FX-neutral basis, with non-GAAP operating income growth expected between 9% and 11%.
- The pending acquisition of Depop is anticipated to close by Q3 2026, contributing to GMV growth.

5) Challenges and Market Dynamics
- While U.S. consumer demand remains resilient, international markets face macroeconomic challenges, particularly in Europe.
- The company is navigating a complex trade policy landscape, impacting cross-border trade.
- The impact of rising gas prices on consumer sentiment is being monitored, but eBay's value proposition remains strong during economic fluctuations.
- The transcript lacks specific figures on the expected impact of the Depop acquisition on earnings and operational costs.

Bottom line: eBay's strong Q1 results reflect effective strategic investments and broad-based GMV growth, particularly in collectibles and C2C segments. The company is well-positioned for continued growth despite macroeconomic challenges, with a focus on enhancing user experience through AI and live shopping initiatives. Shareholders can expect sustained momentum and strategic execution throughout 2026.