New York, April 25, 2026, 11:02 EDT
eBay Inc. dropped 5.3% Friday, finishing at $97.94. The online marketplace is now headed into a tricky patch, facing regulatory scrutiny and an earnings release. Shares wrapped up roughly 8.8% shy of their 52-week high from earlier this week, with trading volume topping the usual pace.
Timing could play a key role here. The UK’s Competition and Markets Authority put out an eBay/Depop merger notice on April 23, setting a May 8 deadline for public comments on eBay’s proposed acquisition of Depop, the London-based fashion resale platform. So far, the regulator hasn’t kicked off a formal Phase 1 review—the initial step in its merger process.
Investors are eyeing an upcoming earnings test. eBay’s first-quarter 2026 earnings call is on the calendar for April 29, set for 2:30 p.m. PT, or 5:30 p.m. ET. Management will likely field questions about marketplace demand, advertising revenue, and the Depop timeline.
Back in February, eBay struck a deal to acquire Depop from Etsy Inc. for roughly $1.2 billion in cash—a move aimed at capturing the attention of younger consumers through the booming secondhand fashion market. The numbers released by the companies: Depop generated close to $1 billion in gross merchandise sales in 2025, counted 7 million active buyers, topped 3 million active sellers, and almost 90% of those buyers fell under the age of 34.
Jamie Iannone, chief executive, is positioning the deal as a move into “pre-loved” apparel—reused clothing that’s bought and sold instead of made new. “The younger generation is very focused on pre-loved apparel,” Iannone told Reuters in February. He said Depop is expected to sharpen eBay’s play in resale fashion. Reuters
eBay logged its second loss in a row, even as the rest of the market pushed higher. Amazon.com Inc. climbed 3.5% on Friday, and the S&P 500 advanced 0.8%. That left eBay underperforming both the index and its online retail peer, based on market data.
Not everyone on Wall Street was bracing for the worst this week. Cantor Fitzgerald’s Deepak Mathivanan bumped eBay’s price target up to $100 from $90, sticking to a Neutral call. His note pointed to steady first-quarter e-commerce demand, calling it roughly in line with—or a touch above—what people were expecting. Still, he highlighted some wariness when it comes to second-quarter guidance, citing macro and trade uncertainties.
Bulls got a boost from eBay’s latest quarter. Fourth-quarter revenue climbed 15% to $3.0 billion, and GMV — that’s the value of all paid transactions — was up 10% to $21.2 billion. Looking ahead, the company is projecting first-quarter revenue in the $3.00 billion to $3.05 billion range, with adjusted (non-GAAP) EPS between $1.53 and $1.59.
The Depop acquisition may not sail through quickly if regulators decide to scrutinize resale fashion more closely. Australia’s competition regulator is still reviewing the deal, noting eBay and Depop both operate in the pre-owned fashion marketplace space. Their Phase 1 review wraps up May 19. There’s no guarantee the deal gets stopped, but the review introduces a risk of delay.
Cost-cutting is also in focus at eBay. In February, the company announced it would eliminate around 800 positions—about 6% of its full-time staff—as part of a push to match its workforce with shifting strategic goals following the Depop deal.
Next week, the focus shifts to whether eBay’s resale push can actually translate into stronger growth—without spooking investors about regulation, margins, or consumer demand. Friday’s decline shows the market isn’t ready to reward the stock for the Depop move just yet; investors want more evidence.
