TMTB: EBAY AMBA First takes; EOD wrap

EBAY +5% looks solid with GMV/EPS beat and increasing buyback. EPS guide looks better as well.

Increasing buyback by $2b to $3.5B total

Q4 GMV: $18.6B vs street $18.16B
Q4 Revenue: $2.56B vs street $2.51B
Q4 Adj OPM: 26.7% in line
Q4 EPS: $1.07 vs street at $1.03

Q1 GMV Guide: $18.2B-$18.5B vs street $18.1B
Q1 Revenue Guide: $2.5-$2.54B vs street $2.53B
Q1 EPS Guide: $1.19-$1.23 vs street $1.13
Q1 OPM Guide: 29.8% vs street 22.7%

2024 GMV Guide: Assuming stable macro expect Y/Y FXN GMV growth to turn positive in Q3 or Q4 of 2024
2024 Rev Guide: Expect revenue growth to outpace GMV by ~2pts on FXN basis
2024 EPS Guide: 8-10% y/y vs street at +2% y/y