Colin Sebastian

Asked how eBay Live engagement resonates across the platform and the next AI frontier; Jamie cited 70% higher Live-buyer spend and broad AI use in listings, search and CRM.

Jamie attributed the U.S.-international divergence predominantly to the macro environment, noting focus categories, C2C, and eBay Live are performing well internationally despite low European consumer confidence and subdued retail sales.

Jamie highlighted three structural advantages: 90% non-new in-season inventory involving considered purchases, value-added trust services like Authenticity Guarantee that are hard to replicate, and financial services plus global shipping solutions reducing transactional friction.

Jamie declined to look ahead to specific future years but outlined the three durable growth drivers: focus categories, geo-specific C2C investments, and horizontal initiatives that benefit both focus and core categories.

Jamie noted active buyers grew 1% to 134 million while emphasizing the focus on enthusiast buyers who drive 70% of GMV, with marketing aimed at attracting and converting active buyers to enthusiast status.

Jamie highlighted broad AI adoption across listing, marketing, customer support, and new agentic tools in Shop the Look, plus early tests with OpenAI and internal agentic technology.

Growth is still led by core CPA platform (Promoted Listings General) with optimization and adoption gains, not yet the newer formats which are still early.

Jamie attributed trading card strength to a combination of innovations, Magical Listing, PSA integration, consignment capabilities, and catalog improvements, rather than any single feature.

Strauss described a 3-part strategy of basic/applied research for innovation and efficiency, but insisted AI enhances rather than replaces its 13,000 creatives.

Strauss outlined three uses: organic growth, selective accretive M&A (cited Zynga and Gearbox), and opportunistic share buybacks at deep value. Noted last buyback at $158/share and expects net cash by fiscal year-end.

Strauss reframed pricing as value-driven rather than install-base dependent, citing Mafia: The Old Country at $50 as delivering value consumers loved. Emphasized delivering vastly more entertainment value than what is charged.

Strauss noted the update was stellar and countered concerns that GTA Online would become less relevant pre-GTA VI, showing anticipation yields more engagement. On capital allocation, reiterated three priorities: organic growth, selective M&A, and opportunistic buybacks.

Strauss acknowledged modest industry tailwinds but attributed RCS strength primarily to creative team execution. Also confirmed GTA Online support cadence will not change despite GTA VI delay, noting GTA+ grew 20% YoY.

Strauss attributed success to creative talent at Peak and Rollic studios. Lainie cautioned some mature title moderation expected in FY2026.

Lainie confirmed GTA's improvement was broad-based rather than seasonal, with strong engagement expected through rest of year.

Strauss gave a detailed view on industry maturation, noting quality standards are rising and the big and good are getting bigger.

Jassy acknowledged this year's debt issuance and kept options open but explicitly said there was nothing to share today.

Jassy confirmed the application layer push and walked through Q, Kiro, Connect, Transform and Continuum as the first set with more in development.

Jassy confirmed strong demand from both AI labs spending heavily on compute and growing enterprise adoption. Cited both cost avoidance projects and new AI-native experiences in production.

Jassy said every business and function will be radically changed by AI. Cited example of 5 people rebuilding a service in 65 days that would normally take 40-50 people a year.

Jassy said growth visible in both AI area including inference training Trainium custom silicon Bedrock and SageMaker as well as enterprises moving from on-premises to cloud. AWS continues to earn lion's share of enterprise and government cloud transformations. On advertising said every single offering grew meaningfully. Highlighted full funnel from Prime Video and live sports awareness down to sponsored products point of sale. DSP growing very quickly with closed feature gaps and partnerships with Roku Netflix Spotify and SiriusXM.

Olsavsky said international margin up 320 basis points year over year to 4.1% with close to 700 basis points increase over last 10 quarters. Established countries like U.K. Germany and Japan already at similar margin profiles to U.S. Eight emerging countries launched in last 5 years all making improvements. Jassy said Project Kuiper will be one of only two modern low Earth orbit satellite players. Expects differentiated performance on uplink and downlink with compelling pricing. Impressive enterprise and government agreements signed before launch. Service into commercial data later this year or early next year.

Chris said competition rallies retailers to invest and international is tracking well; Emily framed the wider range as right-sizing to scale, not conservatism.

Chris framed Q1's 13% growth as the ninth straight double-digit quarter driven by marketplace, enterprise and AI, but did not quantify incremental contribution by segment.

Rogers cited thousands of Caper cart commitments, live in nearly 100 cities across 15 states, with early shoppable-ad signals.

Rogers framed AI as enterprise offerings monetizable over time but gave no concrete pricing model, early days.

Directly walked through Storefront as the lead product, then Carrot Ads upsell (240+ partners) and in-store Caper/Carrot Tags cross-sell.

Fidji directly addressed ad strength (large and emerging brands, best-in-class ROAS/CTR) and Instacart's early agentic-commerce approach.

Zach (on for Colin Sebastian) asked about cross-selling ads with Yelp Host; Stoppelman said a dedicated restaurant-partner group sells Guest Manager, ads, and Host with some positive synergies, but it is early days and Host has not changed the restaurant ad business, though a compelling product opens up conversations.

Stoppelman said AI licensing partnerships are extremely early, offering Yelp brand exposure now and potential referral traffic over time as partners build out local.

Stoppelman said Yelp Assistant now drives 15% of Request-A-Quote projects (up from 5%), with the new all-category version launched in April showing early positive signals.

Stoppelman said cross-category Yelp Assistant expansion could lift engagement in higher-frequency categories like restaurants via a conversational search experience.

Nachman said RR&O weakness is mainly a macro story of weak consumer sentiment and rising operator costs, with food-delivery competition only a marginal factor.

Schwarzbach expressed confidence in continued services growth from a fifteen-quarter double-digit track record, now broadening beyond home services.

Chesky named car rentals and luggage storage as standouts and said most new services are partnerships, so they add little cost while making home and hotel bookings more likely.

Ellie cited expansion markets and Gen Z as the two key first-time booker pools. Brazil consistently ranks 3-5 and compounds at over 20%.

Brian said loyalty and advertising can be developed in parallel with supply-based businesses. Largest travel brand without a loyalty program. Wants something unique, not traditional points program. Advertising waiting for AI search paradigm to mature before designing ad model.

Brian described major behavioral shift: more browsing from homepage vs search-only. Trip tab engagement increasing as on-trip point of sale. Ellie confirmed lead times normalized and lengthened vs last year.

Ellie confirmed market share gains from hotels at traffic and night-stay level. New listings predominantly exclusive to Airbnb. Vrbo soft comp in Q4 2023 inflated their growth.