We view EBAY’s Q2 print favorably, with results above guidance (top and bottom line) despite broader consumer headwinds and other reversing tailwinds, including rising inventory levels across the retail space. Highlights included consistency in outperformance among its focus categories, increasing supply, scaling payments, and some encouraging advertising trends with a path towards that business accelerating over the next few quarters. That said, some of the earnings upside this quarter came from a shift in expenses to Q3. The buyer base also continues to decline, and the 3-yr growth rate for GMV continues to moderate slightly. FY guidance was largely unchanged on an FX-neutral basis, which is positive in this environment, although considering the Q2 outperformance, this implies a slight downward revision to 2H.