Consumer DemandElectronic and fashion categories showed significant weakness, declining by 10% and 13% respectively, attributed to weak discretionary consumption and unfavorable weather conditions for apparel.
Financial PerformanceAdjusted EBITDA missed expectations by 5% as Product Commerce margins fell short, despite solid revenues, due to increased spending on technology.
Operational CostsHigher operating, general, and administrative spending was a key factor behind the Product Commerce EBITDA miss, with spending approximately US$100 million higher than estimated.