eBay 2003 Annual Report Download - page 42
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Risk Factors That May AÅect Results of Operations and Financial Condition
The risks and uncertainties described below are not the only ones facing eBay. Other events that we do
not currently anticipate or that we currently deem immaterial also may impair our business operations.
Our operating results may Öuctuate.
Our operating results have varied on a quarterly basis during our operating history. Our operating
results may Öuctuate signiÑcantly as a result of a variety of factors, many of which are outside our control.
Factors that may aÅect our quarterly operating results include the following:
‚ our ability to retain an active user base, to attract new users and to encourage existing users to list
items for sale, purchase items through our service, or use our payment services, both in the U.S.
and internationally;
‚ the amount and timing of operating costs and capital expenditures relating to the maintenance and
expansion of our businesses, operations, and infrastructure;
‚ foreign or domestic government regulation, including investigations prompted by items listed, sold,
or paid for by our users;
‚ our ability to comply with the requirements of entities whose services are required for our
operations, such as credit card associations;
‚ the success of our geographic and product expansion;
‚ the introduction of new sites, services, and products by us or our competitors;
‚ volume, size, timing, and completion rate of transactions on our websites;
‚ consumer conÑdence in the safety and security of transactions on our websites;
‚ the costs and results of litigation that involves us;
‚ our ability to upgrade and develop our systems, infrastructure, and customer service capabilities to
accommodate growth at a reasonable cost;
‚ our ability to keep our websites operational at a reasonable cost;
‚ our ability to develop product enhancements at a reasonable cost and to develop programs and
features in a timely manner;
‚ our ability to integrate successfully and cost eÅectively manage our acquisitions, including PayPal
and, more recently, EachNet;
‚ our ability to manage PayPal's transaction loss and credit card chargeback rate and payment
funding mix;
‚ our ability to expand PayPal's product oÅerings internationally (including our ability to obtain any
necessary regulatory approvals) and to increase the acceptance of PayPal by online merchants
outside of the eBay marketplace;
‚ our ability to attract new personnel in a timely and eÅective manner;
‚ our ability to retain key employees in our businesses;
‚ our ability to expand our product oÅerings involving Ñxed-price trading;
‚ the results of regulatory decisions that aÅect us;
‚ technical diÇculties or service interruptions involving our websites or services provided to our users
by third parties;
‚ the actions of our competitors;
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