Wot no eBay quarterly review?

I normally summarise my thoughts on eBay after each quarterly earnings release. But this time I won't write much as in my view nothing has changed. PayPal and Kijiji are still doing great, GMV is still not growing fast enough, Skype still has no synergies and the stock is still undervalued!

How long does the market want eBay to grow the EPS at a rate of over 20% before rating it as a growth stock again? That growth may be fueled by aquisitions and share buy backs on top of organic growth but it is still a steady 20%+ growth which shows no sign of abating.

The only consolation is that there is now very little room for further multiple compression. So the share price should average a 20% increase each year. Then one day the market may get excited about eBay again and present a good selling opportunity. Until then I will just console myself with the fact that eBay shares have out-performed the market this year.