In Case You Missed It…

eBay’s 8th Consecutive Quarterly Decline

EBay's gross merchandise volume (GMV) decreased by 5% to $18.4 billion in the first quarter of 2023, marking the eighth consecutive quarterly decline. The number of active buyers on the platform also dropped by 7% to 133 million during the same period. However, revenue experienced a slight increase of 1% to $2.51 billion compared to the previous year. In response to declining sales, CEO Jamie Iannone has implemented cost-cutting measures, including a reduction of 500 employees. Despite these challenges, eBay aims to boost revenue by focusing on selling more luxury items, offering refurbished products, and providing services like trading and authenticating collectibles. For the second quarter, eBay expects sales growth, projecting revenue between $2.47 billion and $2.54 billion, higher than the previous year's $2.42 billion.

Not An Ordinary Rock

An anonymous man exploring the goldfields of Victoria, Australia, with a metal detector made an extraordinary discovery. He found a 10-pound rock filled with gold, which an expert estimated to be worth $160,000 AUD. The man brought the rock to a gold prospector, who was astonished by the find. The rock actually contained 5.7 pounds of gold, and the prospector stated that it was an exceptionally rare specimen. The man had been using an inexpensive metal detector, proving that the $800 cost was a worthwhile investment.

Postage Price Hikes July 9, 2023

The U.S. Postal Service has announced a 4.8% increase in the price of first-class stamps, raising the cost to 66 cents from the current 63 cents. This is part of a series of rate boosts that have resulted in a nearly one-third increase in the price of a first-class stamp since 2019. The price hike will take effect on July 9 as part of the agency's 10-year plan to achieve profitability. Critics argue that customers are paying more while receiving reduced services, as the delivery standard has been slowed down to six days from the previous goal of three-day delivery. The Postal Regulatory Commission will review the price hikes before implementation.