eBay 3Q23: Gross Merchandise Volume -1% Y/Y in U.S., +4% International

Nov 13, 2023 | Corporate Insights, No Bull Economics

eBay reported that continued macro environment challenges (including inflationary pressures & rising interest rates) continue to weigh on consumer confidence, pressuring demand for discretionary goods. Softening consumer trends so far in 4Q points to muted holiday season sales.


  • E-commerce in eBay’s 3 largest markets (U.S., U.K., & Germany) declined during 3Q and management reported that U.S. consumers are increasingly seeking value.
eBay Unaudited Supplemental Operating Data


  • While eBay’s active buyers & gross merchandise volume has posted y/y declines for the last 5 quarters, the rate of decline continues to moderate.
  • Promoted Listings revenue increased +36% y/y as first-party sellers try to move their products during a challenging sales environment.
  • Third-party display ads, which have been impacted by a combination of secular & macro headwinds in recent quarters, decelerated during 3Q23.


  • The company reported that demand in the U.S. market continued to taper during the start of 4Q & management expects that continued pressure on discretionary demand will translate into holiday season weakness.
eBay Revenue Guidance

eBay 3Q23 Financials

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