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Analyst
Nathan Feather
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 16on tracked calls
- Challenge rate
- 13%2 of 16 questions
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 16 of 16 questions from 2 companies
EBAYeBay9 questions · 6 reporting periods · 0 of 9 challenging
Calendar 2026 Q1
any key limitations that would prevent the GMV momentum you're seeing in 2Q from persisting into the back half?
Show response
Jamie expressed confidence in sustainability. Q1 to Q2 deceleration attributed to lapping dynamics, bullion normalization and comp effects, not fundamental weakness.
How do you think about balancing those inputs as you put together your guidance for the remainder of the year?
Show response
Jamie noted U.S. demand remains resilient despite trade policy volatility. Europe more challenging but international growth improved Q4 to Q1. Guidance raise based on confidence in marketplace resilience.
Calendar 2025 Q4
that means GMV is still accelerating even excluding the coins and bullion impact
Show response
Peggy clarified that bullion accounts for a significant portion but not all of the Q4-to-Q1 sequential acceleration, with broad-based strength continuing into Q1 beyond near-term unique dynamics.
how do you think about the revenue synergies that are available through the Depop deal
Show response
Jamie drew a parallel to TCGplayer and Goldin in collectibles, noting eBay would bring Authenticity Guarantee, shipping, cross-border trade, payments, and financial services to Depop while keeping it as a standalone brand.
Calendar 2025 Q3
how are you thinking about the portions that might be more temporary to this year and the portions that are more durable for 2026
Show response
Jamie acknowledged some transitory GMV upside but emphasized broad-based strength as the culmination of years of investment, citing 2 points of segment share gains in focus categories in H1 2025.
Calendar 2025 Q2
The U.S. showed really particular strength in 2Q. Can you stack rank the primary drivers of that improvement relative to the international business
Show response
Jamie noted broad-based U.S. strength with sold items and ASP both growing, while Europe remains tougher with no meaningful macro improvement, though geo-specific initiatives are offsetting some headwinds.
you talked about reinvesting some of the year-to-date upside into strategic initiatives. Can you give us a little more color on what those are
Show response
Jamie identified four reinvestment areas: U.S. pre-loved fashion as the newest focus category, U.K. and Germany C2C initiatives, eBay Live expansion, and continued AI investment for customer experience and employee productivity.
Calendar 2025 Q1
how big China-based exporters are on eBay, at least in terms of the China to U.S. trade route
Show response
Jamie sized the exposure clearly: 5% China-to-US GMV, ~10% total China, 3/4 forward deployed, half of remainder uses SpeedPAK shipping with tariff complexity built in.
Calendar 2024 Q4
Are there any features or initiatives that are working well, which you could roll out more broadly
Show response
Management highlighted Magical Listing as the global success while noting managed shipping is UK-specific due to unique market dynamics; focus is on perfecting it there first.
DUOLDuolingo, Inc.7 questions · 6 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
how is that influencing your plans for video call and Max generally as we go from here?
Show response
Asked about video-call learnings and Max plans; Luis said video-call cost fell below a cent, enabling rollout to Super subscribers and leaving the future of the Max tier undecided.
Calendar 2026 Q1
are you starting to A/B test new content for different engagement?
Show response
Von Ahn said content quality changes meaningfully affect new-user retention and cited AI-enabled expansion into Math and chess; direct.
What are your thoughts on the right level of buybacks, and what are some central uses of that cash going forward?
Show response
Munson cited the $400 million authorization, opportunistic repurchases to offset dilution, continued investment in the business, and small-scale M&A; direct.
Calendar 2025 Q4
what gives you conviction that the user deceleration we saw in 2025 was not due to those factors?
Show response
Luis said AI translation is not a churn driver in the surveys; the main reason cited is people getting busy with social media. Direct.
Calendar 2025 Q3
should we expect the pressure on bookings that you're seeing in 4Q to continue into next year
Show response
Pressed on the durability of the shift and Q4 bookings pressure; Matt framed it as a small-proportion change to maximize platform LTV, expecting some effect to persist but calling the financial impact relatively small.
Calendar 2025 Q2
DAU growth was still really strong, but moderated a touch in 2Q.
Show response
Attributed the DAU moderation to lapping two 60% years and a US social-media pullback; said the impact is in the past and did not guide DAU for Q3.
Calendar 2025 Q1
do you ever think your relative prioritization list for new content production now between further language courses
Show response
Luis said language learning remains the largest, fastest-growing business and gets most effort, with AI enabling rapid content regeneration.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| EBAY eBay | 9 | 0%none of 9 questions |
| DUOL Duolingo, Inc. | 7 | 29%2 of 7 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 2 |
| 2025 Q2 | 3 | 0%none of 3 questions | 2 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 2 |
| 2025 Q4 | 3 | 33%1 of 3 questions | 2 |
| 2026 Q1 | 4 | 0%none of 4 questions | 2 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2025 Q43 questions · challenge rate 33% (1 of 3 questions) · 2 companies
- 2026 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand6
- Revenue Growth4
- Product Launch3
- Subscriber Growth3
- Innovation & R&D2
- Cloud & AI2
- M&A2
- Geographic Expansion2
- Pricing1
- Capital Allocation1
Show all 17 topics
- Macroeconomic1
- Competitive Dynamics1
- Guidance Reliability1
- Capex Investment1
- Margin1
- Trade Tariffs1
- Supply Chain1