Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>eBay has emerged as one of the stronger performers in the e-commerce sector, but its latest insider transactions have raised an interesting question.</li><li>CEO Jamie Iannone sold 22,220 shares worth nearly $2.4 million on October 5 and 6, extending a series of multimillion-dollar stock sales throughout 2026.</li><li>The transactions come as eBay shares have gained approximately 28% this year, outperforming the S&P 500's 13% advance over the same period.</li></ul>

eBay has emerged as one of the stronger performers in the e-commerce sector, but its latest insider transactions have raised an interesting question.CEO Jamie Iannone sold 22,220 shares worth nearly $2.4 million on October 5 and 6, extending a series of multimillion-dollar stock sales throughout 2026.The transactions come as eBay shares have gained approximately 28% this year, outperforming the S&P 500's 13% advance over the same period.

eBay's CEO Is Cashing In as a $1.4 Billion Gamble Unfolds!

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>EBay’s fast-growing Japanese arm, Qoo10, is betting on a radical move into retail, opening three permanent Tokyo stores, including a 2,500 sqm Harajuku flagship in the next nine months.</li>
<li>The investment is part of a push to reach a target of ¥500 billion by 2029, up from around ¥300 billion last year, and a real threat to arch-rival, Zozo.</li>
<li>Qoo10 is also moving beyond K-beauty dependence by expanding collaboration with Japan-based vendors at the same time as broadening categories across fashion, food, home and appliances.</li>
</ul>


EBay’s fast-growing Japanese arm, Qoo10, is betting on a radical move into retail, opening three permanent Tokyo stores, including a 2,500 sqm Harajuku flagship in the next nine months.
The investment is part of a push to reach a target of ¥500 billion by 2029, up from around ¥300 billion last year, and a real threat to arch-rival, Zozo.
Qoo10 is also moving beyond K-beauty dependence by expanding collaboration with Japan-based vendors at the same time as broadening categories across fashion, food, home and appliances.


Ebay Japan's Qoo10 Invests in Retail in Push to ¥500 Billion

<ul><li>The company reported its second quarter 2026 financial results with gross merchandise volume (GMV) rising 14% year-over-year to $22.4 billion and revenues increasing 14% to $3.13 billion, surpassing consensus expectations and the high end of its guidance across key metrics.</li><li>Non-GAAP operating income grew 16% to $893 million, while non-GAAP earnings per share advanced 17% to $1.60.</li><li>Growth was largely driven by strategic priorities including focused categories, consumer-to-consumer (C2C) sales, and recommerce (preowned and refurbished goods), which together accounted for over 70% of total GMV and individually grew over 20%.</li></ul>

The company reported its second quarter 2026 financial results with gross merchandise volume (GMV) rising 14% year-over-year to $22.4 billion and revenues increasing 14% to $3.13 billion, surpassing consensus expectations and the high end of its guidance across key metrics.Non-GAAP operating income grew 16% to $893 million, while non-GAAP earnings per share advanced 17% to $1.60.Growth was largely driven by strategic priorities including focused categories, consumer-to-consumer (C2C) sales, and recommerce (preowned and refurbished goods), which together accounted for over 70% of total GMV and individually grew over 20%.

eBay & Depop — A $1.4 Billion Push To Build A Recommerce Powerhouse!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>eBay remains a significant player in global e-commerce, differentiated by its auction-style format and strength in non-new, unique, and collectible items, though it faces intense competition from larger and more nimble rivals.</li>
  <li>The company is pursuing growth by focusing on high-value 'enthusiast' categories and improving user experience, but top-line revenue growth has been modest, with cash flow metrics showing recent declines.</li>
  <li>While the company offers a consistent and growing dividend, its future success hinges on its ability to maintain relevance and market share against a backdrop of evolving e-commerce trends and increasing regulatory scrutiny worldwide.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  eBay remains a significant player in global e-commerce, differentiated by its auction-style format and strength in non-new, unique, and collectible items, though it faces intense competition from larger and more nimble rivals.
  The company is pursuing growth by focusing on high-value 'enthusiast' categories and improving user experience, but top-line revenue growth has been modest, with cash flow metrics showing recent declines.
  While the company offers a consistent and growing dividend, its future success hinges on its ability to maintain relevance and market share against a backdrop of evolving e-commerce trends and increasing regulatory scrutiny worldwide.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul>
<li>Qoo10 has crossed the ¥300 billion GTV threshold, triggering designation as a Specified Digital Platform under Japanese law</li>
<li>This confirms the online mall's graduation from niche Korean beauty store to mainstream e-commerce platform, becoming Ebay's main Japanese operator.</li>
<li>Qoo10 now has 28 million members and a 30%-plus share of Japan’s online beauty market but is also expanding across other categories.</li>
</ul>


Qoo10 has crossed the ¥300 billion GTV threshold, triggering designation as a Specified Digital Platform under Japanese law
This confirms the online mall's graduation from niche Korean beauty store to mainstream e-commerce platform, becoming Ebay's main Japanese operator.
Qoo10 now has 28 million members and a 30%-plus share of Japan’s online beauty market but is also expanding across other categories.


Ebay's Qoo10 Hits ¥300 Billion GTVs in Japan

United States

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

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Ebay Inc (EBAY US)

eBay's CEO Is Cashing In as a $1.4 Billion Gamble Unfolds!

eBay has emerged as one of the stronger performers in the e-commerce sector, but its latest insider transactions have raised an interesting...

Baptista Research

Ebay Japan's Qoo10 Invests in Retail in Push to ¥500 Billion

Zozo has a new competitor in the form of Qoo10, the Japanese arm of eBay that is taking a rapidly growing share of the youth market. It will now...

Michael Causton

eBay & Depop — A $1.4 Billion Push To Build A Recommerce Powerhouse!

The company reported its second quarter 2026 financial results with gross merchandise volume (GMV) rising 14% year-over-year to $22.4 billion and...

Baptista Research

Primer: Ebay Inc (EBAY US) - Aug 2026

eBay remains a significant player in global e-commerce, differentiated by its auction-style format and strength in non-new, unique, and...

αSK Primers

Ebay's Qoo10 Hits ¥300 Billion GTVs in Japan

Qoo10 surpasses ¥300 billion in GTV, named Specified Digital Platform in Japan, solidifying its transition from niche to mainstream e-commerce...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

eBay's CEO Is Cashing In as a $1.4 Billion Gamble Unfolds!

eBay has emerged as one of the stronger performers in the e-commerce sector, but its latest insider transactions have raised an interesting...

Baptista Research

Ebay Japan's Qoo10 Invests in Retail in Push to ¥500 Billion

Zozo has a new competitor in the form of Qoo10, the Japanese arm of eBay that is taking a rapidly growing share of the youth market. It will now...

Michael Causton

eBay & Depop — A $1.4 Billion Push To Build A Recommerce Powerhouse!

The company reported its second quarter 2026 financial results with gross merchandise volume (GMV) rising 14% year-over-year to $22.4 billion and...

Baptista Research

Primer: Ebay Inc (EBAY US) - Aug 2026

eBay remains a significant player in global e-commerce, differentiated by its auction-style format and strength in non-new, unique, and...

αSK Primers

Ebay's Qoo10 Hits ¥300 Billion GTVs in Japan

​Qoo10 surpasses ¥300 billion in GTV, named Specified Digital Platform in Japan, solidifying its transition from niche to mainstream e-commerce...

Michael Causton

Qoo10 surpasses ¥300 billion in GTV, named Specified Digital Platform in Japan, solidifying its transition from niche to mainstream e-commerce...