Ukraine War Stifling E-Commerce Growth in Europe, Says eBay CEO
Considering the challenges facing eBay customers globally, “we are pleased with our performance to start the year,” said CEO Jamie Iannone on a Q1 earnings call Wednesday. Revenue in the quarter declined 6% to $2.48 billion. Since late February, when…
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the war in Ukraine began, “we have seen lower e-commerce traffic,” said Iannone. Inflation in gas prices and home energy costs and “historically low consumer confidence,” especially in the U.K. and Germany, further impeded demand, he said. “We expect more near-term headwinds to e-commerce growth rates this year.” EBay said it’s waiving Ukrainian seller fees, and protecting sellers from late shipment penalties. It’s also matching employee donations to organizations supporting Ukraine. EBay’s international business “has experienced softer economic growth and greater exposure to the supply chain challenges impacting cross-border trade,” said Chief Financial Officer Steve Priest.