eBay 2004 Annual Report Download - page 43
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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 us. 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 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;
‚ the volume, size, timing, and completion rate of transactions on our websites;
‚ the amount and timing of operating costs and capital expenditures relating to the maintenance and
expansion of our businesses, operations, and infrastructure;
‚ technical diÇculties or service interruptions involving our websites or services provided to our users by
third parties;
‚ the success of our geographic and product expansions;
‚ the actions of our competitors, including the introduction of new sites, services, and products;
‚ consumer conÑdence in the safety and security of transactions on our websites;
‚ the cost and availability of online and traditional advertising, and the success of our brand building and
marketing campaigns;
‚ new laws or regulations, or interpretations of existing laws or regulations, that harm the Internet,
electronic commerce, or our business model;
‚ our ability to comply with the requirements of entities whose services are required for our operations,
such as credit card associations;
‚ our ability to upgrade and develop our systems, infrastructure, and customer service capabilities to
accommodate growth at a reasonable cost;
‚ the costs and results of litigation that involves us;
‚ 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, including expanding our Ñxed-price oÅerings;
‚ our ability to successfully integrate and manage our acquisitions, including, most recently, Rent.com;
‚ 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 outside of the U.S. (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 and to retain key employees;
‚ the results of regulatory decisions that aÅect us;
‚ the continued Ñnancial strength of our technology suppliers and other parties with whom we have
commercial relations;
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