Etsy Inc. reported first-quarter 2025 revenue of $651.2 million, surpassing analyst estimates of approximately $643 million and growing 0.8% year-over-year. Adjusted EBITDA reached $171.1 million, up 1.9% from the previous year, while the company posted a GAAP net loss of $52.1 million, or $0.49 per share, largely due to a $101.7 million impairment charge from the sale of Reverb. Adjusted earnings per share were $1.03. Gross merchandise sales (GMS) fell 6.5% year-over-year to $2.79 billion, with active sellers at 8.1 million and active buyers at 94.8 million. For the second quarter, Etsy expects GMS to decline at a similar or slightly improved rate compared to the first quarter, with a stable take rate and adjusted EBITDA margin guidance of 25%. Etsy shares rose in premarket trading following the results. Etsy's management stated the company is maintaining operational flexibility amid tariff uncertainty and fluctuating consumer confidence. A task force was formed to address tariff impacts, and the company has begun highlighting domestic sellers to help buyers avoid additional costs. Despite a decline in active sellers and buyers, the Etsy app achieved a record share of GMS with rising monthly active users. eBay Inc. reported first-quarter 2025 revenue of $2.6 billion, exceeding estimates of $2.55 billion and representing a 1% year-over-year increase. Adjusted earnings per share from continuing operations were $1.38, above the $1.34 estimate. Free cash flow was $644 million. Gross merchandise volume (GMV) totaled $18.8 billion, compared to an estimate of $18.52 billion, and active buyers were 134 million. eBay returned $760 million to shareholders through buybacks and dividends and announced Peggy Alford as the incoming CFO, replacing Steve Priest. For the second quarter, eBay forecasts revenue between $2.59 billion and $2.66 billion and adjusted EPS between $1.24 and $1.31. Mastercard Inc. reported first-quarter 2025 adjusted diluted earnings per share of $3.73, beating analyst expectations of $3.58. GAAP EPS was $3.59. Net revenue was $7.3 billion, a 14% increase year-over-year and above the $7.13 billion estimate. The adjusted operating margin was 59.3%. Cross-border volumes grew 15%, while worldwide purchase volume reached $1.99 trillion. Mastercard affirmed its full-year 2025 revenue growth outlook at the high end of low-double-digits to low-teens.