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Technology Stocks : eBay - Superb Internet Business Model

EBAY 84.66

+1.2%

Dec 19 9:30 AM EST

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To: John Liu who wrote (62)	9/12/1998 4:30:00 AM
From: Doug Fowler	Read Replies (2) of 7772

John: Lok at all the auction on antiques, pottery, beanie babies. I doubt those people are very technical. We know that many people are reluctant to buy anything from anybody over the Internet. But that is slowly changing. The fact is that there is probably more risk of credit card abuse in our more classical way of doing business than there is over the Internet. Clearly, there will come a point when eBay's growth will slow. But is sure isn't slowing right now, and quite frankly, I don't expect it to slow any time during the next year (and likely won't slow much in the year or two after that). eBay will have around $12M in fees and commissions for the 3 months ending September 30. Next year's comparable quarter will show around $50M. eBay's growth doesn't concern me one bit right now. I will be VERY concerned about how much they are spending. They have close to a 90 percent gross margin on their sales, but they have been spending a lot lately beefing up staff and marketing. Their model is so good, and their dominance so great, that I think they could ease up on this spending, and start to show good net profits.

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