Last quarter was nice for eBay. Q4 earnings surpassed expectations, sending its stock higher. The company announced a new $2 billion stock repurchase, expanding the total program to $3.4 billion, and raised its quarterly dividend by 8%. Its quarterly revenue was the highest in 2 years.

EBAY laid off 1,000 workers (9% of its total workforce) in January. It is also working to make its platform "prettier" for lack of a better term, leveraging AI to remove ugly noise from the background of marketplace images.

The company is also focusing on more profitable sectors (luxury, collectibles), which allowed it to grow revenue despite GMV falling flat.

Its move to acquire Goldin (a collectibles marketplace) and eBay's own sale of its vault to Collectors (a professional sports authenticator) doubles down on this niche outlook, and leverages eBay's marketplace with Collector's proven grading authentication.

But the fact is, eBay's gross merchandise volume has slipped annually for 3 consecutive years.

This is what LikeFolio data is picking up on.

eBay web visits are actually...

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