Jamie Iannone: Yes. So our first-party ads is really a success based on the execution of the team and what we’re seeing in terms of return on ad spend. So this quarter, we grew 49% year-on-year. Some of that is due to some one-time factors. Steve talked about the accounting change that we’ve had. We also talked about the halo attribution that we rolled out for sellers. But in general, it’s really based on the success of the products and the innovation that we’re seeing. So if you look at our Promoted Listing Standard, it continues to be the workhorse of our advertising portfolio where we’re driving more optimization and more relevance. And secondarily, when you look at our new products, they once again grew 30% quarter-over-quarter.
They’re the — key one being Promoted Listings in Advanced. And the team continues to innovate to make it easier for sellers. So this quarter, we launched a feature called suggested campaign which makes it easier for sellers to add Promoted Listings Advanced to the work that they’re already doing in advertising. And as we talked about, we now have 2.1 million sellers using the product and 800 million listings. So we feel great about the growth that we’re seeing there. As Steve commented, some of that gap will narrow because of some of these onetime factors, but we see revenue continuing to pace out GMV because of the success of what we’re doing in ads. Steve, maybe you want to take the second one?
Stephen Priest: Yes. So we’ve been very thoughtful and considerate as we’ve looked to M&A, it’s really to structurally improve the core marketplace. And so if you think about where we’ve , my shipment is really helping fuel and support the growth in parts and accessories, our biggest focus category. We recently launched in the TCG Player, which is supporting our trading card business. And Certilogo, which is the most recent acquisition really supporting our fashion category. So we’ve been very, very thoughtful about the entities that we lean into and partner with or we ultimately buy to really support the long-term sustainable growth of the platform, and we’ll continue to be thoughtful. And as a group, we look at each potential acquisition on its merits and make the best decisions to drive long-term sustainable growth and shareholder value.
Jamie Iannone: Yes. And I’d just add, if you look at Certilogo as an example, it’s a perfect acquisition for eBay. They have great relationships with brands. They’re driving this ability to have these unique QR codes to make sure that products are authentic, and it’s leading into a trend that we’re seeing, frankly, two trends. One is the younger Gen Z consumer caring more about sustainability and preloved and what happens with garments. And frankly, governments and regulators, especially in Europe, making sure that products don’t go into the landfill, but they get a second and third and fourth life, which drives consistently right into the strategy that we’ve been talking about as the pioneers of e-commerce and driving the circular economy and driving the benefits for the overall planet.
Operator: Your next question is from the line of Tom Champion with Piper Sandler.
Thomas Champion: We were positively surprised by international GMV growth this quarter while domestic was maybe a little bit lower. Just curious, any context or one-timers to consider here? And Jamie, I’m curious with the marketplace essentially flat year-over-year for the first half, would it be reasonable to expect GMV to return to positive growth in ’24. Maybe for Steve. It’s a more reserved year for buybacks. Any reason why you wouldn’t monetize the Adevinta stake to bridge the gap between the current period and maybe a return to GMV growth? Any comments on those would be really helpful.
