eBay reported fourth-quarter 2015 EPS of $0.50, which was in line with consensus expectations. Total sales were $2.32 billion, also in line with expectations. Transaction revenues in the period were $1.81 billion, below consensus of $1.84 billion. Marketing services and other revenues were $506 million, above consensus of $487 million. GMV was $21.86 billion versus consensus of $22.02 billion and up 5% year over year. There were 162 million active users in the period versus consensus of 160.9 million and versus 159 million in the year-ago period (up 5%). eBay added 3 million more buyers in the fourth quarter. The Marketplace platform recorded $20.7 billion in GMV, which contributed $1.9 billion in revenue. The platform saw more than 265 million transactions in 190 markets. StubHub saw $1.2 billion in GMV and recorded $232 million in revenue. The Classifieds segment delivered $183 million in revenue. Business-to-consumer business was up 8%. The StubHub and Classifieds businesses showed particular strength. The company provided first-quarter 2016 guidance for EPS of $0.43–$0.45 versus consensus of $0.48. Total revenues are expected to be $2.05–$2.10 billion versus consensus of $2.16 billion. That implies a sales range of (1)%–2%, or 3%–5% excluding foreign exchange. Full-year guidance calls for EPS of $1.82–$1.87 versus consensus of $1.98. Total revenue is expected to be $8.5–$8.8 billion versus expectations of $8.99 billion. That implies a sales range of (1)%–2%, or 2%–5% excluding foreign exchange. Operating margins are expected to be 31%–33%.