EBay CEO Jamie Iannone discusses the company's second-quarter earnings and the push for more luxury sales. He speaks with Matt Miller on "Bloomberg Markets." EBay dropped after projecting earnings in the current quarter that narrowly missed analysts' estimates. 

San Jose

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

EBay CEO talks AI explosion

Let's talk first about that outlook. You know analysts love to hear a good outlook. And I've learned in the last 20 years that it's probably better to under promise and over deliver. Is that what you're doing here. Look we're really pleased with the momentum that we're seeing. We beat across all the metrics the expectations in the quarter and the strategy that we've laid out is working. We've had this strategy of going after focus categories or focus categories grew seven points faster than the rest of the market. When we look at the long term opportunities for eBay we feel really great about it. You know the strategy that we have is really focused on three elements which is you know in raising the bar and going after relevant experiences building scalable solutions and building magical innovations really reinventing the future of e-commerce for enthusiasts. And it's working. We're increasing customer satisfaction on the platform and our new innovations are being well received by customers. So full disclosure in that I am like an eBay power user and I have been for over a decade maybe two. But I'm 50 years old and I buy and sell motorcycle and car parts. Right. That's so typical. You need to grow beyond me in order to please the street. How are you doing that. Well thank you for your business. Like other enthusiasts our motors parts and accessories business for the second quarter in a row grew at market rates of growth at mid single digits. New buyers in that category grew double digits faster than the rest of the platform. So it's working well. But you ask how are we acquiring Gen Z's. Well we're doing great work across the board and for example sneakers and we're authenticating sneakers and bringing new sneaker heads in this quarter. We just launched authenticity guarantee for streetwear bringing in leading brands and streetwear. We're also very strong in a fashion standpoint bringing in a younger consumer and a more female consumer. We just acquired a company called Sir logo based out of Milan which helps drive sustainability in fashion and drives pre loved through some great A.I. technology. We're sponsoring Love Island over there. So we're doing a great job across the board both catering to our parts and accessories enthusiasts like you but also bringing in younger shoppers female shoppers through what we're doing in sneakers in jewelry. We've launched authentication in handbags on the platform and that's performing extremely well and frankly refurbished. We've become really focused on the circuit economy and pre loved. And in times like this people need values. And when you look at our refurbished category it's growing double digits year over year because of the great values that we can provide in that business. I want to ask you about Elon Musk's X app just because the idea and we've seen a great success in this kind of everything app in Asia. I don't understand why eBay doesn't want to do the same thing. It seems to me that you're perfectly positioned to be that. Have you thought about it. Well look our third pillar of our strategy is about magical innovations. So we're doing a bunch of groundbreaking things. First we're bringing live commerce to the rest of the world. We've had hundreds of live commerce events for our sellers selling handbags watches trading cards and they're having great feedback from those experiences. In addition we're really having an explosion of innovation around A.I. at eBay. So we're launching a feature called magical listing in magical listing. We do all of the hard work for you. You put your camera up to it. We identify what the picture what the object is the product you're selling. We write the description for you. We fill out all the specifics. We tell you how to price it. And people look at this and they say wow this is going to unlock so much more inventory in my closet and things around the house because you've made this so easy with this new technology that you've brought into eBay. You have Amazon with a prime membership that's done very well. Walmart now has a Walmart plus membership and they've overtaken eBay and online sales in the US. Are you thinking about some kind of membership or a higher tier power user level. You know what's great about eBay is we get that same level of customer lifetime spend without them having to pay an upfront membership fee. So if you look at our enthusiast buyers they're actually 70 percent of the GMB on the platform. They're growing. They spend over three thousand dollars a year on the platform. And what's unique about eBay is the cross category shopping nature. We'll acquire a buyer into sneakers and they'll buy four hundred dollars of sneakers. But then they'll go on and shop and spend two thousand dollars outside of sneakers on other parts of the site. And that's really unique for eBay is we can provide these relevant experiences for your category but also have these massive scalable solutions where we can bring cross-border trade for one hundred and ninety countries to a given seller. That's unique about eBay. That's why we have these enthusiast buyers and our strategy to do more full funnel marketing to bring on more parts and enthusiast buyers like you has been working really well.

From suspensions to expulsions to criminal charges, college students across the U.S. involved in these pro-Palestinian protests could face life-changing consequences. Some are demanding amnesty for these protesters.

New York

More than 1,000 student protesters arrested across U.S.

English voters are heading to polling stations to pick mayors, councilors and a new lawmaker in the last electoral test for British Prime Minister Rishi Sunak before a national vote later this year.

London

Voters head to polls in last test for U.K.'s Sunak

The US State Department accused Russia of having used a chemical weapon against Ukrainian forces in violation of the Chemical Weapons Convention, while also announcing fresh sanctions against Moscow. In addition to the chemical agent chloropicrin, Russia also used "riot control agents (tear gas) as a method of warfare in Ukraine, also in violation of the CWC," the department said in a factsheet.

Zaporizhzhia

Ukraine Invasion

U.S. accuses Russia of using chemical weapons in Ukraine

There are grave concerns for Perth brothers Jake and Callum Robinson who are missing on a surf trip in Mexico's Baja region. The pair have failed to arrive at their accommodation and are not responding to contact from their families.

Council of the City of Sydney

Grave fears for brothers missing on Mexico surf trip

Federal Treasurer Jim Chalmers has kept open the prospect of tax incentives in the budget as business warned that changes to foreign investment laws. It comes amid criticism that budget spending could prompt further inflation and prompt rate rises.

Government hints at further tax incentives in Budget

Colombian President Gustavo Petro says his country will break diplomatic relations with Israel. He's criticised Israel's conduct since the start of the war on Gaza. Petro requested to join South Africa's case at the International Court of Justice accusing Israel of genocide.

Bogotá

Israel-Gaza War

Colombia ends diplomatic relations with Israel

U.S. Secretary of State Antony Blinken met Israeli Prime Minister Benjamin Netanyahu on Wednesday, pushing to get more aid into Gaza, while urging Hamas to accept a deal that would halt fighting and bring some hostages home from the enclave.

Jerusalem

Blinken pushes for sustained aid into Gaza during Israel trip

Police in Georgia fired teargas and rubber bullets at protesters demonstrating against a bill that would require organizations – including media and NGOs – that receive more than 20 percent of their funding from abroad to register as agents "pursuing the interests of a foreign power." The bill has been dubbed the "Russian law" by its detractors.

Tbilisi

Thousands protest against Georgia's 'foreign influence' bill

A diplomatic push is underway to reach a ceasefire in Gaza, with the U.S. exerting pressure on Hamas to agree to Israel's terms. But Israeli Prime Minister Benjamin Netanyahu has vowed to attack Rafah in southern Gaza, whether there's a ceasefire or not.

Netanyahu vows to invade Rafah 'with or without' ceasefire deal

Qantas has apologised to customers after its app exposed personal passenger data. The airline blames a technical disruption and says the data breach was not a cyber security incident.

Qantas app data breach exposes customer data

The International Court of Justice has ruled against issuing emergency measures over German arms sales to Israel as requested by Nicaragua, which had argued that there was a serious risk of genocide in Gaza amid Israel’s assault on the Palestinian territory.

The Hague

ICJ rejects measures over German arms exports to Israel

New York police have entered Columbia University and arrested protesters barricaded inside a building who have been calling on the New York school to divest itself from companies associated with Israel.

Police enter Columbia University, arrest protesters

A smiling and healthy-looking King Charles returned to public duties on Tuesday (April 30) for the first time since he was diagnosed in February with cancer, paying a visit to a treatment center for the disease in London.

King Charles returns to public duties, visits cancer center

A 14-year-old boy is dead and multiple people injured after a daylight sword attack in Hainault, in east London. The alleged attacker tasered and arrested by Police shortly afterwards.

Hainault

Teenage boy killed in London sword attack

Brittany Higgins has failed in a bid to delay a defamation trial brought against her by Senator Linda Reynolds over social media posts made in July last year. Fiancé David Sharaz, also named in the case, calling for the Senator to drop the case.

Canberra

Brittany Higgins fails in bid to delay defamation trial

Since taking office four months ago, Argentina's new president Javier Milei has slashed public employment in an effort to cut the country's deficit. So far, 24,000 people have been let go, and Milei has said he wants that figure to hit 70,000, about 10 percent of overall government employees.

Buenos Aires

Argentina's Milei slashes 24,000 government jobs

A Russian missile attack on an educational institution in a popular seafront park in the Ukrainian Black Sea port of Odesa killed at least five people and injured 32, local officials said. Odesa has been a frequent target of Russian missile and drone attacks, particular port infrastructure.

Odesa

Russian missile attack kills five in Ukraine's Odesa

Scotland's leader Humza Yousaf resigned, further opening the door to the UK opposition Labour Party regaining ground in its former Scottish heartlands during a national election expected to be held later this year.

Edinburgh

Scotland's First Minister Humza Yousaf quits

A 17-year-old girl charged with the stabbing murder of her 10-year-old sister in a suburb of Lake Macquarie in New South Wales will remain in custody.

Lake Macquarie

Teenager faces court over murder of 10-year-old sister

Columbia University began suspending pro-Palestinian activists who refused to dismantle a tent encampment on its New York City campus after the Ivy League school declared a stalemate in talks seeking to end the polarizing protest.

Columbia University suspends pro-Palestinian protesters

The debris from a missile that landed in the Ukrainian city of Kharkiv on Jan. 2 was from a North Korean Hwasong-11 series ballistic missile, United Nations sanctions monitors told a Security Council committee in a report seen by Reuters on Monday (April 29).

Kharkiv

U.N. experts say North Korea missile landed in Kharkiv

Columbia University's president said that talks with pro-Palestinian activists over a protest encampment on the Ivy League campus in New York City had reached an impasse and urged demonstrators to voluntarily disperse or face suspension.

Protesters defy deadline to leave Columbia encampment

Spain's Prime Minister said he has decided to stay in office after days of publicly weighing his future, generating relief amongst leftist allies, exasperation among the public and ridicule from his opponents. Sanchez said last week that he was retreating from public duty to decide whether to quit.

Madrid

Pedro Sanchez stays on as Spain's prime minister

U.S. Secretary of State Antony Blinken says he is hopeful Hamas will accept an “extraordinarily generous” offer, as U.K. Foreign Minister David Cameron says it will include a 40-day ceasefire. But the sticking points remain: Israelis want a truce while Hamas demands a cessation of all hostilities.

Riyadh

U.S., U.K. urge Hamas to accept Israeli truce proposal

G7 environment ministers have gathered in Turin for two days of talks, as hundreds of protesters demonstrated in the city, some burning photos of the G7 leaders who they accuse of failing future generations over the climate crisis.

Turin

Climate Crisis

Protesters call for climate action ahead of G7 meeting in Turin

French Foreign Minister Stephane Sejourne is in the Lebanese capital Beirut for talks aimed at easing tensions between Hezbollah and Israel. After meeting Lebanon’s influential Speaker of Parliament Nabih Berri, an ally of Hezbollah, and the head of the Lebanese army, Joseph Aoun, Sejourne said there had been “a lot of progress” over the French proposals.

Beirut

French FM says ‘a lot of progress’ in Lebanon talks

At least four people are dead, including an infant, after a series of tornadoes swept across Oklahoma. The weather system is threatening the region with more twisters, heavy rain and large hail in a band stretching from Missouri to Texas.

Sulphur

At least four dead in Oklahoma tornadoes

Italian Prime Minister Giorgia Meloni said she would stand in upcoming European Parliament elections, a move apparently calculated to boost her far-right party, although she would be forced to resign immediately under EU rules.

Pescara

Italian far-right PM Meloni says will stand in EU elections

At least four people died, including a four-month-old baby, in Oklahoma this weekend, after dozens of twisters swept the U.S. Southern Plains. The White House said, President Joe Biden has pledged federal support for Oklahoma as well as other states hit by severe storms.

Oklahoma

Deadly tornadoes rip through Oklahoma

The Sydney Bishop targeted in an alleged terror-related attack a fortnight ago has made a surprise appearance before his congregation in Western Sydney. Bishop Mar Mari Emmanuel saying he forgives his attacker, who is facing terrorism charges.

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Rise of AI