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.

Ukrainian President Volodymyr Zelenskyy flies to Washington on Monday under heavy U.S. pressure to agree to a swift end to Russia's war in his country, but determined to defend Kyiv's interests — without sparking a second Oval Office dust-up with Donald Trump.

Kyiv

Ukraine Invasion

Zelenskyy, European allies to meet with Trump to discuss peace

European leaders voiced strong support for Ukraine ahead of a Washington summit with U.S President Donald Trump. They emphasized unity, territorial integrity and security guarantees as essential to any peace deal.

Paris

European leaders stress unity with Ukraine ahead of peace talks

International condemnation and pressure from allies have done nothing to stop Israel's plan to displace the people of northern Gaza. Israel on Saturday (August 16) said it is preparing to move Palestinians from combat zones to southern Gaza.

Jerusalem

Middle East Conflict

Israeli military prepares to move Palestinians to southern Gaza

Thousands of people took to the streets on Sunday in a nationwide strike amid fears further fighting could endanger the 50 hostages believed to still be in Gaza.

Tel Aviv-Yafo

Dozens of Israelis arrested in protest to demand end to Gaza war

Russia continues to target Ukrainian cities firing hundreds of missiles and projectiles daily despite ongoing peace efforts, led by the United States. Ukrainian officials say their unwillingness to dial back their offensive reflects their lack of sincere interest in peace.

Five killed as Russia continues to pummel Ukrainian cities

U.S. President Donald Trump said that Ukraine should make a deal to end the war with Russia because "Russia is a very big power, and they're not," after a summit where Vladimir Putin was reported to have demanded more Ukrainian land.

Anchorage

Trump told Zelenskiy that Putin wants more of Ukraine, source says

Efforts by Texas Republicans to redraw the state's congressional maps got new pushback from protesters at rallies across the country Saturday. Nearly 280 events took place in 34 states, according to organizers.

Washington

"Fight the Trump Takeover" protests held across U.S.

West Virginia's governor says he will send up to 400 National Guard troops to the nation's capital at President Trump's request. They'll join other National Guard troops and federal agents already deployed with local police on the streets of Washington, D.C.

More troops arrive in D.C. at Trump's request

President Trump reversed course Saturday, saying he is no longer seeking an urgent ceasefire in Ukraine, but now agrees with Russian President Vladimir Putin that pursuing a peace deal is the best way to end the war.

Trump sides with Putin, preferring peace over ceasefire

Russian President Vladimir Putin described his meeting with President Trump as "frank, substantive and bringing us closer to making the necessary decisions." But the Alaska summit couldn't have been more far removed from the battlefields of Ukraine.

War-weary Ukrainians desperate for a ceasefire

In Ukraine, many do not believe Russia's president Vladimir Putin actually wants a ceasefire deal. They say Trump should stop making concessions to the Kremlin and for U.S President Donald Trump to demand an end to Russia aggression.

Ukrainians sceptical of Vladimir Putin’s intention

Being a Category 1 hurricane, Erin underwent a 'rapid intensification' which helped the storm to grow and strengthen to a powerful Category 5. Hurricane Erin won't make a direct hit on the U.S., but it will produce dangerous surf conditions for the entire East Coast.

San Juan

Hurricane Erin 'rapidly intensifies' to a Category 5

The Washington, D.C., police chief will remain in command of the local force following a settlement with the Trump administration over the federal takeover, but they are required to cooperate with the White House's immigration policy.

D.C. police retain some control after deal with Justice Department

The Atlantic Ocean's first hurricane of the season, Erin, has continued to gain strength and currently sits off the coast of Anguilla.

East Coast of the United States

Hurricane Erin strengthens in the Atlantic

President Trump and Russian President Vladimir Putin met on Friday in Alaska to discuss the war in Ukraine. The leaders did not announce a peace deal, but Trump is set to meet with Ukrainian President Volodymyr Zelenskyy on Monday.

Trump, Putin meeting in Alaska ends without a ceasefire deal

Talks between the U.S. President and Russian President Vladimir Putin concluded without an agreement on ending the war in Ukraine, despite being widely anticipated as a possible turning point.

Zelenskyy set to meet U.S. president Monday after no ceasefire deal

For the first time in a decade, Vladimir Putin was on U.S. soil for a much-anticipated meeting with Donald Trump. The U.S. and Russian presidents were supposed to discuss a deal to put an end to Moscow’s war against Ukraine, but they did not mention a ceasefire after the talks.

Trump, Putin wrap up talks with no mention of ceasefire

President Trump and Russian President Vladimir Putin met in Alaska for a high-stakes summit over ending the war in Ukraine. Nancy Cordes and Margaret Brennan have coverage and analysis.

What we know about the high-stakes summit between Trump and Putin

U.S. President Donald Trump and Russia's Vladimir Putin have arrived in Alaska ahead of their high stakes talks on Ukraine. The expected one-on-one meeting between Trump and Putin has expanded to include U.S. officials Steve Witkoff and Marco Rubio and other Russian officials.

Trump, Putin arrive in Alaska for historic summit

Israel's far-right finance minister approved the construction of a controversial new settlement in the West Bank, saying it "finally buries the idea of a Palestinian state." But it's unclear if this move will actually go through. Rights groups swiftly condemned the plan.

Israeli finance minister approves new West Bank settlement

U.S. President Donald Trump indicated in an interview that he hoped to push Russian President Vladimir Putin toward a second meeting but acknowledged there was a chance Friday’s meeting would not succeed.

Trump shifts tone, confident on deal to end Ukraine war

Israeli Finance Minister Bezalei Smotrich said a plan to add more than 3,000 homes to a controversial settlement in the West Bank would bury ‘the idea of a Palestinian state.’

Israel furthers plan for settlement that divides the West Bank

Ukrainian President Volodymyr Zelenskyy met with British Prime Minister Keir Starmer in London. This comes one day before U.S. President Donald Trump is set to meet with Russian President Vladimir Putin in Alaska to discuss a possible ceasefire in Ukraine.

London

Zelenskyy, Starmer meet ahead of Trump, Putin summit in Alaska

Speaking in the Oval Office on Thursday, President Trump sounded optimistic about his upcoming summit with Russian President Vladimir Putin in Alaska.

Trump says he thinks Putin and Zelenskyy will make peace

Florida Gov. Ron DeSantis has announced plans to build another immigrant detention center, dubbing it the "Deportation Depot." The facility will be in North Florida.

Jacksonville

DeSantis announces plan to build another immigrant detention center

President Trump had a virtual call Wednesday with Ukrainian President Volodymyr Zelenskyy ahead of his meeting with Russian President Vladimir Putin on Friday in Alaska. After the call, Zelenskyy said he told Mr. Trump that "Putin is bluffing."

Ukraine's Zelenskyy warns President Trump ahead of meeting with Putin

U.S. President Donald Trump said he would ask the Republican-controlled Congress to extend federal control of Washington's city police force beyond 30 days, escalating his campaign to exert presidential power over the nation's capital.

Trump wants to extend federal control over Washington police

With just hours left to reach a deal on plastics, negotiators in Geneva were scrambling to resolve a deadlock caused by “red lines” of member countries. Nations are crafting the first global, legally binding treaty on plastics pollution at the United Nations office in Switzerland.

Geneva

Global plastics treaty talks in Geneva stall as deadline looms

At least 123 people have been killed in 24 hours, according to Gaza's Health Ministry. Israeli Prime Minister Benjamin Netanyahu says people will be given the opportunity to leave Gaza before a planned ground offensive, but no one is being pushed out.

Israeli strikes pound Gaza ahead of planned ground offensive

America's NATO allies stood firmly with Ukrainian President Volodymyr Zelenskyy ahead of the face-to-face meeting between President Trump and Russian President Vladimir Putin in Alaska. The European leaders showed a united front that there should be no peace deal without Ukraine's involvement.

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