eBay's Mixed Performance and Limited Upside: A Hold Rating Amid Macro ChallengesWe adjusted est's, maintain $62 (vs. $60 prior). 4Q24 Results: EBAY Revenue: eBay reported total 4Q24 rev of $2.58BN, +0.7% y/y and +3% x-FX, vs 3Q24's +3.0% y/y, and 0.4% below our est. Mgmt. cited cont'd momentum in Focus Categories GMV, which grew 6% y/y on an FX- neutral basis in 4Q, vs nearly +5% y/y in 3Q. Mgmt noted strength from Trading Cards, as GMV from the category grew double digits y/y in 4Q, making it the largest contributor to 4Q GMV growth alongside broad strength in Refurbished goods. Mgmt. noted that 1P ad rev grew 16% y/y x-FX, while overall ad rev reached $445MM (2.3% of GMV, vs 2.2% in 3Q).