John Donahoe may have rescued eBay from decline, but the e-commerce company has yet to convince some corners of Wall Street it can sustain its rapid growth.约翰?多纳霍或许一并eBay从颓势中挽回了回去，但这家电商公司还得向华尔街证明，它能保持快速增长的态势。In its first-quarter financials out this week, eBay (EBAY) slightly beat earnings estimates, with net income up 19% year over year to $677 million on revenues of $3.7 billion, led by PayPals continued rise and the recent turnaround of Marketplaces, which includes the eBay website. But a lower-than-expected second-quarter outlook -- between $3.8 billion and $3.9 billion in sales vs. analysts consensus of $3.95 billion -- paired with PayPals slowest growth period in some time, did not sit well with investors. The news sent eBay shares down 2% in after-hours trading.它的快速增长主要是由贝宝（PayPal）的持续增长及市场衰退带给的，其中就还包括了eBay自己的网站人气回落。

但是第二财季高于预期的业绩未来发展——销售收入在38亿美元到39亿美元之间，而分析师完全一致预期该收益为39.5亿美元——加之贝宝的业务不时停滞不前，让投资者极为忧虑。消息传到，eBay股价在收盘后交易中下跌了2%。The results have left some analysts wondering: with the turnaround in its rear-view mirror, how can eBay keep up the pace?这个结果让一些分析师不免心生疑窦：眼见着市场步入转机，eBay怎么才能维持增长速度呢？At the companys Investor and Analyst Day last month, eBay CEO Donahoe and other executives outlined their goals for the next three years. The company projected revenues as high as $23.5 billion come 2015 -- vs. last years $14.1 billion in sales -- tied to $300 billion in global commerce from eBays Marketplaces, PayPal, and GSI Commerce, the last of which builds and manages online shopping sites for big retailers. Just as ambitious? Donahoe wants to double eBays user base to 200 million-plus by 2015.eBay上个月举办投资者与分析师通气会（Investor and Analyst Day）时，公司首席执行官多纳霍和其他高管一起阐释了未来三年的目标。

公司预计，2015年收入将低约235亿美元——而去年销售收入仅有为141亿美元。这个预测的基础是eBay市场、贝宝和GSI Commerce全球3,000亿美元的商务价值。其中GSI Commerce是专门大型零售商创立和管理网购平台的。这个目标却是雄心勃勃吗？实质上多纳霍还计划，到2015年构建eBay用户翻一番，超过2亿人以上。

To achieve such lofty goals, eBay is focusing on boosting its customer experience. Marketplaces, for instance, will be rolling out features in the coming months and years that will amplify users relationships with the retailer and use mobile devices in new ways. At Investor Day, eBay put together an impressive demo of a mobile feature dubbed Neighborhoods. Far from finished, Neighborhoods will be a comprehensive mapping feature that aggregates available items from all participating stores -- large and small -- in your neighborhood (e.g. New York Citys West Village). Items will be displayed onscreen and can be purchased with a few finger taps, then shipped home, possibly via same-day delivery, or picked up in-store.为了构建这些宏伟目标，eBay于是以致力于提高用户体验。比如，eBay市场就将在未来数月和数年中发售各种新功能，强化用户与零售商的关系，后用全新的方式运用移动设备。通气会当天，eBay发售了一项取名为“社区”（Neighborhoods）的移动应用于功能展示，令人印象深刻印象。

目前这项功能还预想研发已完成，未来它将是一个包罗万象的地图功能，能把用户所在社区（比如纽约的西村）所有加盟店——不管规模大小——的所有在购商品都集中于一起。这些商品将在移动设备上展出出来，只需页面几下就能出售，随后就能租车到家，还有可能构建当天租车递送！或者也揣实体店自提。Although PayPal remains the fastest-growing eBay segment, its 18% growth last quarter falls short of any quarter last year, indicating that the payments business could be feeling the squeeze from competitors like Square and Intuit, both of which are also developing online, offline, and mobile payment solutions. This likely explains why the company is aggressively pushing into brick-and-mortar locations. PayPal announced a deal late last year that will allow shoppers to pay using their PayPal accounts at any one of the 7 million-plus brick-and-mortar stores that take Discover (DFS), for instance.尽管贝宝仍是eBay快速增长最慢的业务板块，但它上季度18%的增长速度已高于去年任一季度。

它指出，缴纳业务有可能于是以受到竞争对手如移动支付技术公司Square和Intuit的挑战。这两家公司也都在研发线上线下及移动支付解决方案。这也许能说明，为什么eBay眼下正在乘机进占实体店。去年年末，贝宝宣告达成协议了一项交易，可让购物者在其700多万家可用于Discover购物卡的合作实体店用贝宝账户缴付。

EBay has its eye on additional international expansion. Indeed, 61% of Marketplaces revenues already come from outside the U.S. In China, where American online retailers are often rebuffed, eBay announced eBay Style, a partnership with luxury online retailer Xiu.com that allows Chinese shoppers to buy items from abroad. Meanwhile, Xiu.com handles domestic tasks like shipping and customer service, helping eBay gain a foothold in the region. When we did that, we knew it was a small step back into the market, Wendy Jones, eBay VP of geographic expansion and cross border trade, told Fortune earlier this year. But she suggested the partnership with Xiu.com could be done with other Chinese companies to widen local distribution.eBay还侧重在国际市场更进一步扩展。实质上，它61%的市场收益已来自美国以外的市场。

尽管美国电商在中国屡遭惨败，但eBay却宣告正式成立了“eBay Style”。这是一家与奢侈品电商Xiu.com合作的公司，中国消费者可通过它出售海外商品。与此同时，Xiu.com还负责管理中国国内的发货及客户服务等业务，协助易趣在中国市场取得了一席之地。今年年初，eBay负责管理区域扩展和跨境贸易的副总裁温迪?琼斯向《财富》杂志（Fortune）回应：“我们从一开始这么做到的时候就明白，这只是为重回中国市场迈开的一小步”。

她还似乎，也可和其他中国企业积极开展类似于与Xiu.com的合作，以扩展中国本地分销渠道。EBay also has big plans for eBay Now, the iPhone app that offers one-hour shipping of items from partners like Target (TGT) and Home Depot (HD) in three cities. The service will eventually find its way into Marketplaces, and Donahoe told Fortune recently he hopes the service will be ubiquitous, whether a customer lives in a big urban sprawl or small suburban town. Such an expansion would call for partnerships with third-party shipping and transportation systems. Ive had newspaper companies come to me and say, we have all these trucks. We deliver these newspapers, and these trucks dont get used after 8 a.m. in the morning ... Can we help deliver? Donahoe recently told Fortune, who pointed out that newspaper trucks are in every city in America.Bay还为eBay Now制订了宏大规划。

eBay Now是一个iPhone上的应用于，它能在三个城市为用户获取一项尤其服务，在一小时内送往来自eBay合作伙伴如塔吉特（Target）和家得宝（Home Depot）的商品。eBay市场最后也不会获取这项服务。此外，多纳霍近期还向《财富》杂志回应，他期望这项服务能无分远近，不管客户是住在大城市还是小城镇，都能享用到它。要构建这一乘机扩展，就必须和第三方物流运输体系积极开展合作。

多纳霍说道：“早已有报社来去找我了，它们回应自己有卡车。这些车平时用来送报，早上8点以后就闲置不用了。所以否能让它们来负责管理车主呢？”他认为，实质上美国所有城市都有这样的送报卡车。Thats a growth opportunity if ever there was one.如果快速增长机遇显然不存在，这意味著算数一个。

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