Andrew Linden
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eBay Earnings: Margins are down

eBay just issued its earnings and I have some concerns regarding their financials. Take a look at this slide from their presentation:

Yes, everybody impressed by the top-line revenue increase, but do you see that margins are going down? I think it's a huge problem for any business, you need to keep it efficient rather than just huge. Positive sign is that they increased their cash flow from operating activities:

Here is a few important slides from their presentation:

The stock is up 5%, but I think that we'll see it bouncing back.