updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131E-commerce giant eBay is optimistic going into the second quarter after logging commendable figures in its Q1 2023 outing.
On Wednesday, April 26, 2023, eBay Inc (NASDAQ: EBAY) reported its Q1 2023 earnings, which beat revenue and earnings per share (EPS) estimates. For the year’s first quarter, the multinational e-commerce company realized revenue of $2.5 billion compared to the $2.49 billion analysts expected. In addition, eBay’s recorded EPS of $1.11 also topped the consensus estimate of $1.07 for the same period.
Following its Q1 2023 performance, eBay now sees a Q2 guidance of between $2.47 billion and $2.54 billion versus analysts’ projections of $2.43 billion. In addition, the company’s increased $0.96-$1.01 EPS range for the second quarter outpaces the $0.99 EPS that Wall Street estimates.
Commenting on eBay’s first-quarter outing, the e-commerce platform’s chief executive officer Jamie Iannone said:
“I am proud of our team for delivering another strong quarter. This is a solid start to the year as we’ve exceeded expectations on our key financial and operating commitments while making significant progress against our long-term objectives.”
Iannone added that eBay experienced strength in its focus categories during the first quarter, which outpaced the rest of the marketplace once more. Furthermore, the CEO pointed out that the company’s vast data and artificial intelligence expertise combine well to accelerate platform innovation.
eBay chief financial officer Steve Priest also touched on the California-based company’s latest earnings development, stating:
“Our strategic initiatives continue to have a meaningful impact on our long-term growth trajectory. Our Q1 results demonstrate the strength and durability of our scaled, global marketplace during periods of economic uncertainty.”
In other earning categories, eBay’s reported gross merchandise volume of $18.4 billion represents a 5% drawdown on an as-reported basis. Furthermore, the latest GMV figure also marked a 2% decline on an FX-neutral basis.
The company’s Q1 GAAP and Non-GAAP operating margins came in at 22.2% and 29.6%, respectively, while it returned $384 million to shareholders. Of this return, $250 million constituted share repurchases, while the remaining $134 million was paid in cash dividends.
In February, eBay hinted at its expansion into the emerging Web3 space amid the struggling tech sector. At the time, the consumer-to-consumer and business-to-consumer sales facilitator announced hiring for roles related to Web3 and non-fungible tokens (NFTs). The hiring process also underscored eBay’s commitment to an Ethereum-powered digital art marketplace called KnownOrigin.io it acquired last June.
Listed roles for eBay’s decentralized initiatives were content designer, crypto counsel, tech lead, marketing campaign executive, senior engineer, and artist liaison manager. Describing KnownOrigin.io as an empowering “early Web3 pioneer”, the e-commerce platform said it was “looking for like-minded enthusiasts to join them” on this venture.
Before acquiring KnownOrigin.io, eBay rolled out its own “Genesis” NFT Collection, featuring limited-edition digital collectibles. These collectibles numbered 13 in all and came in various colors, including diamond, platinum, gold, and green-tiered NFTs.
eBay pointed out that it acquired KnownOrigin.io to expand its reach in digital collectibles.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
For the current quarter, eBay expects revenue to fall between $1.46 billion and $2.50 billion, exceeding estimates of $2.34 billion.
Shares of American e-commerce giant eBay (NASDAQ: EBAY) dropped as the company released its Q4 2022 earnings results. At press time, the multinational company trades down 5.33% to $45.30 in extended trading hours. The recent loss contributed to the 3.63% decline the company has on record for the last five days. According to the press release of the Q4 2022 financial performance, eBay did better than expectations during the three months.
The quarterly revenue was $2.5 billion on adjusted earnings of $1.07 per share. Predictions were that earnings would be $1.07 and revenue would come in at $2.47 billion. Despite beating expectations, the last quarter’s revenue shed 4% compared to Q4 2021. At the same time, GAAP and Non-GAAP operating margin was 22.5% and 29.9%, respectively. The quarterly dividend the Board of Directors declared for the period was also 14% higher than the year-ago period at $0.25 per share.
Speaking on the Q4 earnings report, eBay CEO Jamie Lannone said the company made remarkable progress on its multi-year strategic journey in 2022. He added that past investments are also helping the e-commerce giant’s innovations. Lannone commenced the company’s workers, referring to them as talented individuals with strong vision and commitment to excellence, which shareholders will benefit from in the coming years. The company’s chief financial officer Steve Priest also commented:
“Our Q4 results demonstrate the continued resilience of our marketplace amid economic uncertainty. I’m extremely proud of our teams for delivering on their quarterly financial commitments, maintaining prudent cost discipline, and executing key deliverables in support of our strategy.”
For the current quarter, eBay expects revenue to fall between $1.46 billion and $2.50 billion, exceeding estimates of $2.34 billion. At the same time, the expected diluted GAAP earnings per share for Q1 2023 is placed within the range of $0.77 and $0.81. Diluted Non-GAAP earnings per share is predicted to be between $1.05 and $1.09.
Due to the same “economic uncertainty” Priest mentioned in his statement, eBay announced earlier this month that it was dismissing about 500 employees. In an SEC filing on February 7, the online marketplace said the job cut represents about 4% of its total headcount. While the impact would be global, eBay said it would help the company better serve its customers. Also, it plans to create more roles in “high-potential areas” while it expands. Like many other companies, eBay also promised severance packages and incentive payments to the dismissed staff.
Since the year started less than two months ago, eBay stock has gained more than 15% and 5.79% in the last three months.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
In this weekly segment, ExchangeWire sums up key industry updates in media, marketing, and commerce from around the globe. In this edition: eBay purchases NFT marketplace KnownOrigin; Elon Musk is sued over claims the billionaire ran a Dogecoin pyramid scheme; Snap runs internal tests for its premium service, Snapchat Plus; the CMA warns the UK could become a “rule taker” of EU tech regulation; and Ukrainian president Volodymyr Zelensky urges the ad industry to focus on the Russia-Ukraine.
Ecommerce giant eBay has leapt into digital collectibles by acquiring KnownOrigin, one of the largest NFT marketplaces in the world. The San Jose-based sales platform has hosted NFT sales on the site since last year, with approved sellers listing the digital collectibles as they would physical items. By purchasing KnownOrigin, eBay will be better placed to regulate sales of NFTs, ensuring transactions can be monitored.
Commenting on the deal, which was announced via a press release from eBay on Wednesday (22nd June), KnowOrigin co-founder Davide More said, “This partnership will help us attract a new wave of NFT creators and collectors.”
Elon Musk is being sued for USD$258bn (£209bn) following accusations he used a pyramid scheme to profit from Dogecoin. The cryptocurrency, which was launched in 2013 to parody Bitcoin, skyrocketed in value last year, soaring from USD$0.004 (£0.00327) to USD$0.73 (£0.58) over four months. The cryptocurrency’s value has since tumbled by 92%.
During this time period, Musk frequently tweeted about Dogecoin and even described it as a “hustle” while hosing Saturday Night Live. The complaint against Musk, which was filed in New York last week, claims the billionaire “used his pedestal as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement,” causing financial loss to other buyers in the market.
Snapchat parent Snap is running internal tests on a new paid subscription entitled Snapchat Plus. The premium tier is set to give users early access to new features, in addition to changing the Snapchat icon and seeing who rewatches their stories.
Speaking to The Verge, Snap spokesperson Liz Markman said: “We’re excited about the potential to share exclusive, experimental, and pre-release features with our subscribers, and learn more about how we can best serve our community.”
According to tweets from app researcher Alessandro Paluzzi, a subscription for Snapchat Plus will be €4.59 (£3.94) per month, or €45.99 (£39.50) annually. Snap’s venture into a subscription-based service follows hot on the heels of tech giant Telegram, who is in the midst of rolling out its premium tier.
The chief of the Competition and Markets Authority (CMA) has warned that government procrastination has placed the UK at risk of becoming a “rule taker” of EU regulation.
Speaking to the Financial Times, Andrea Coscelli explained that the costs associated with waiting for the UK to diverge from EU law have driven companies to embrace legislation set out in Brussels. “As a country, we are in a great place to set up smart, pro-business, pro-competitive rules of the road in a number of these areas,” Coescelli stated. “If we don’t, then in practice we become a rule-taker because of the cost of divergence,” he added.
New legislation to rein in big tech companies and enhance data protection were featured in the Queen’s speech earlier this year, but with limited details.
The president of Ukraine called on festival-goers at Cannes Lions to address his nation’s ongoing fight against Russia.
Via a pre-recorded message, Volodomyr Zelensky stated, “We are defending against a nuclear state that has unlimited access to money and has disregarded any limits on violence. I’ll be honest with you – the end of this war and its circumstances depend on the world’s attention. And that’s why I need allies. We need people like you”.
The Ukrainian leader added that those in the audience could help to bring peace to Europe by using their professional qualities to keep the world’s attention on the war. Zelensky urged festival goers not to “let the world switch to something else,” adding “Your every success will mean saving thousands of lives”.
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E-commerce giant eBay Inc (NASDAQ: EBAY) on Thursday showcased its first digital wallet in a presentation to investors, coming on the heels of media reports of its CEO hinting at accepting payments in cryptocurrency.
What Happened: The online marketplace told investors that its digital wallet would hit the market in the second quarter and enable customers to use proceeds from their sales to buy their next item or pay their selling expenses.
“We see incredibly compelling growth potential in this market and believe it is our opportunity to win by sharpening our focus and continuing to create value through a tech-led reimagination of eBay,” said CEO Jamie Iannone.
Why It Matters: Digital wallets are software systems that securely store payment information. These are also capable of storing private keys that would facilitate payments in cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
Last month, Iannone went on record to state that eBay is studying the possibility of adding cryptocurrency as a means of payment, and added that its March 10 investor day announcement would mark the start of a new payment strategy.
Price Action: eBay shares traded 0.34% lower after the bell on Thursday.
Photo by ebayinc on Wikimedia
E-commerce platform Ebay said it is considering the acceptance of crypto payments to attract gen-Z and millennial users, the Street reports. An announcement could be made on March 10, Ebay’s investor day.
In a telephone interview, Ebay CEO Jami Lannone said that the young demographic was a priority target for the platform. He added that the platform was focusing on transactions related to collectible sneakers, a growing trend.
The firm had approved the trade of NFTs on its platform last year, tapping into their meteoric rise in popularity. But it, and most major e-commerce platforms, do not allow the use of crypto for payments.
We’re not accepting crypto currently. But on March 10, we’re going to go deeper on all of these things, payments, advertising, our focus categories.
eBay will be the place where people trade goods, whether they be physical or digital.
-Ebay CEO Jami Lannone
Payment gateway Paypal allows its users to transact in crypto, while online retailer Overstock accepts payments in bitcoin. Theatre operator and retail stock darling AMC accepts online payments in crypto, as does streaming site Twitch.
Crypto’s growing popularity has fueled speculation over widening its use for payments. Last year, electric car maker Tesla had made headlines when CEO Elon Musk said the company would accept payments for its cars in bitcoin.
Although the system was suspended a few months later, due to environmental concerns, Musk has been a vocal proponent for crypto adoption. Recently, Tesla said its supercharging station would accept Dogecoin as payment. Tesla merchandise is also purchasable through doge.
Still, crypto regulation on a global scale is still in its nascent stages. China, once a leader in mining, has outright banned cryptos, while most developed nations have little to no regulations that recognize the space. El Salvador remains the only country to accept bitcoin as legal tender.
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Multinational eCommerce giant eBay Inc (NASDAQ:EBAY) is reportedly looking into accepting cryptocurrency as a means of payment.
What Happened: According to a report from The Street, eBay is studying the possibility of adding support for cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
The firm’s CEO Jamie Iannone said that eBay could make an official announcement on its upcoming investor day on March 10.
“We’re not accepting crypto currently. But on March 10, we’re going to go deeper on all of these things, payments, advertising, our focus categories,” he said to The Street.
The move to accept cryptocurrency will be geared towards making eBay the “go-to platform” for Gen Z and Millennials.
Also Read: Some Disappointments From eBay’s Earnings Call: Analysts Weigh In
Iannone also acknowledged that eBay had changed its policies last year to allow for non-fungible token (NFT) trading on its platform.
“So even without announcing anything or doing anything, people started trading NFT on a platform,” he said.
“It reminded me of many years ago when people just started selling cars when we didn’t even have a vehicle business at that point. So we’re seeing the same type of thing [with NFTs].”
What Else: The past year has seen a number of companies embrace cryptocurrency as a means of payment on the back of user demand.
Tesla Inc (NASDAQ:TSLA) now accepts DOGE as payment for merchandise on its website, while theater chain AMC Entertainment Holdings Inc (NYSE:AMC) already accepts BTC, ETH, Litecoin (CRYPTO: LTC), and Bitcoin Cash (CRYPTO: BCH). The firm expects to add full support for DOGE and Shiba Inu (CRYPTO: SHIB) in March.
Price Action: As of Monday morning, BTC was trading at $39,531.04, down 1.90% in the last 24 hours.
Photo: Courtesy of Mike Knell on Flickr
CHICAGO: After a campaign hitch, a pack of Oscar Mayer Hot Doge Wieners still managed to successfully sell on eBay for $15,001.
The money will be donated to Feeding America. The listing attracted a total of 76 bids. But it wasn’t that straightforward.
Oscar Mayer dreamed up the campaign after noticing Twitter users putting its hot dogs and Dogecoins together. The brand decided to join the cryptocurrency moment in culture with Hot Doge Wieners “to bring unexpected smiles and sharing our love of meat with fans,” said Megan Lang, Oscar Mayer’s associate marketing director.
On eBay, Oscar Mayer offered fans Hot Doge Wieners with a cash value of 10,000 Dogecoins ($2,000); bidding was open between August 4-7.
The campaign had a tiny hiccup, however. After posting the initial eBay listing on August 4, it “was removed due to circumstances beyond Oscar Mayer’s control,” said Lang. She did not provide further details.
Oscar Mayer communicated to fans and media that the listing was removed “beyond its control,” but less than 24 hours later, the Hot Doge Wieners pack was ready for fans to bid on once more.
Oscar Mayer pivoted by creating a revised listing and making it even more appealing for fans with more Dogecoin value. The brand Tweeted that the listing was back, and fans could bid on it once again, this time with even higher stakes. When it was relisted, Oscar Mayer doubled the Dogecoin value to 20,000 or approximately $4,000 and extended bidding until August 8.
“We quickly worked together with eBay to get the listing back up so the auction could continue and the Hot Doge Wieners pack could be bid on,” she said.
You guys really took this to the moonthe link is down but will be up soon!
— Oscar Mayer (@oscarmayer) August 4, 2021
WE’RE BACK and this time with even more much wow. This limited-edition pack of Hot Doge Wieners now comes with the cash value of 20,000 DOGECOINS Only one pack exists though, so bid it to get it at https://t.co/LBOo9Nz2tH (Proceeds
@FeedingAmerica ) pic.twitter.com/FsGOtMGlC4
— Oscar Mayer (@oscarmayer) August 5, 2021
“We quickly confirmed with media that the listing was live and fortunately was already up to $3,000 an hour into the campaign beginning again,” said Lang.
The brand tweeted about the winning bid on Sunday.
WE DID IT! The #DogeArmy sent our Hot Doge Wieners TO THE MOON and raised $15,001.00 for @FeedingAmerica – The auction is officially closed so we’ll send this meaty prize out to the winner for them to HODL forever. Thank you all and remember: #DoOnlyGoodEveryday pic.twitter.com/Yw3AVi9MLd
— Oscar Mayer (@oscarmayer) August 8, 2021
Oscar Mayer announced the hot dog pack through organic media on Twitter and via earned media to Oscar Mayer and Dogecoin fans. ICF Next assisted with the Hot Doge Wieners pack through earned media support. The campaign generated attention from lifestyle and cryptocurrency media with the meat brand’s introduction into the Dogecoin world, said Lang.
Oscar Mayer’s main campaign message was “Keep it Oscar,” the brand’s rallying cry to take life a little less seriously and spark unexpected smiles, Lang explained.
“We’re looking forward to finding more ways to see the world, and help fans see the world, through our meat-colored glasses,” she added.
Futures are down and Treasury yields are ticking higher for the seventh day in a row ahead of closely watched inflation data. Here’s what we’re watching ahead of Wednesday’s opening bell.
Kraft Heinz Co. (NASDAQ:KHC) subsidiary Oscar Mayer’s Dogecoin (CRYPTO: DOGE)-themed hot dogs has sold for $15,000 in an auction on eBay Inc. (NASDAQ:EBAY).
What Happened: Oscar Mayer said on Twitter that a single pack of “Hot Doge Weiners” was sold for $15,001 and the auction has closed. According to the Guinness Book of World Records, the most expensive hot dog was previously sold for $169 in 2014.
WE DID IT! The #DogeArmy sent our Hot Doge Wieners TO THE MOON and raised $15,001.00 for @FeedingAmerica – The auction is officially closed so we’ll send this meaty prize out to the winner for them to HODL forever. Thank you all and remember: #DoOnlyGoodEveryday pic.twitter.com/Yw3AVi9MLd
— Oscar Mayer (@oscarmayer) August 8, 2021
The winner of the auction will receive the “one-of-a-kind,” 10-pack of hot dogs featuring the Shiba Inu image and the cash equivalent of 20,000 dogecoins – worth about $4,800 at the time of writing. A total of 76 bids were received in the auction, which was announced by Oscar Mayer last week.
See also: How To Buy Dogecoin (DOGE)
All proceeds from the sale will go to the hunger relief organization Feeding America as part of eBay’s Auctions for Charity.
Why It Matters: Oscar Mayer is the latest company to ride the dogecoin hype.
Consumer packaged goods company Conagra Brands Inc. (NYSE:CAG) and candy bar Snickers have used the joke cryptocurrency for marketing purposes earlier this year.
See Also: This Reddit-Based Cryptocurrency Is Outpacing Dogecoin Gains Over Past Month
Dogecoin’s acceptance as a payment option by companies has also gained momentum this year.
It was reported in July that Burger King Brazil is now accepting the meme cryptocurrency as a payment method for the purchase of Dogpper, a dog snack it recently introduced. The “Burger King” brand is owned by Restaurant Brands International Inc. (NYSE:QSR).
Price Action: Kraft Heinz shares closed 0.7% higher in Friday’s trading at $37.20.
Dogecoin is down 4.8% during the last 24 hours, trading at $0.2411 at press time.
Read Next: Ethereum, Bitcoin, Dogecoin Turn Red As Weekend Rally Simmers Down
Photo: Courtesy of Oscar Myer
