Q2 Week 13 Listings Update

[hotan]

Q2 Week 13 Listings Update
According to Merrill Lynch analyst Justin Post, week 13 listings data and Q2 listings data have exceeded estimates. Post claims "total new listings growth in 2Q accelerated q/q to up 27% y/y (10% y/y in 1Q) above our 14% y/y estimate. US listings growth accelerated to 18% in 2Q (up from roughly flat per ML in Q1), while intl. listings growth accelerated to 33% y/y."

Post notes that listing conversion rates have declined a relatively modest 6.5% Y/Y in Q2 which should still allow the company to meet Merrill's above consensus 2Q rev. estimate at $2.2 billion. Interestingly, last week, JPMorgan's Imran Khan also estimated revenue per listing to be down approximately 7% Y/Y driven by lower conversion rates.

It looks increasingly likely that EBAY will post yet another record quarter of GMV in the Marketplaces business.

Update: I'll post more Q2 listing readings as I get them. Deutsche Bank analyst Jeetil Patel estimates Q2 listings growth of 29% Y/Y.