It was a coming out of sorts for eBay Inc. CEO Jamie Iannone at the company’s investor day on Thursday.
In his first meeting with analysts since taking over the top spot at eBay
nearly two years ago, Iannone laid out a long-term strategy to speed up growth — including plans for a digital wallet, as well as renewed focus on vertical markets for “non-new” goods like sports cards, sneakers and watches.
The wallet is the manifestation of a years-long effort at eBay to both build and streamline its global payments platform, Iannone told MarketWatch in a phone interview. “The ability to store a cash balance” on the wallet gives buyers and sellers more flexibility, he said.
The San Jose, Calif.-based company also announced eBay Vault, a 31,000-square-foot secure storage facility for trading cards and collectibles, which will eventually include luxury goods and hold up to $3 billion in assets within a few years. It did not, however, discuss plans to accept cryptocurrency on the platform, as previously reported.
The vault “is a game-changer for eBay in the ability for the physical to meet the digital, and in making it one of the largest stores of non-governmental assets in the world,” said Iannone. He added that eBay has created $20 billion in value for shareholders through the sale of StubHub and other assets.
EBay repeated its previous 2022 financial guidance, with revenue ranging from flat to 3% higher. In fiscal 2023, the company projects revenue will grow 5% to 6%, with earnings increasing 10%. For 2024, it sees revenue growth of 7% to 8%, and earnings to jump 15%.
Shares of eBay dipped 1% in trading Thursday, and are down 21% so far this year. The broader S&P 500 index
has slipped 10.6% in 2022.