????約翰?多納霍似乎已將eBay從頹勢中挽救了回來，但這家電商公司還得向華爾街證明，它能維持快速增長的態(tài)勢。

????它的增長主要是由貝寶（PayPal）的持續(xù)增長及市場復(fù)蘇帶來的，其中就包括了eBay自己的網(wǎng)站人氣回升。但是第二財季低于預(yù)期的業(yè)績展望——銷售收入在38億美元到39億美元之間，而分析師一致預(yù)期該收入為39.5億美元——加之貝寶的業(yè)務(wù)不時停滯不前，讓投資者頗為不安。消息傳來，eBay股價在收盤后交易中下挫了2%。

????這個結(jié)果讓一些分析師不免心生疑竇：眼看著市場迎來轉(zhuǎn)機(jī)，eBay怎么才能保持增速呢？

????eBay上個月舉行投資者與分析師通氣會（Investor and Analyst Day）時，公司首席執(zhí)行官多納霍和其他高管一起闡述了未來三年的目標(biāo)。公司預(yù)計，2015年收入將高達(dá)235億美元——而去年銷售收入僅為141億美元。這個預(yù)測的基礎(chǔ)是eBay市場、貝寶和GSI Commerce全球3,000億美元的商務(wù)價值。其中GSI Commerce是專為大型零售商創(chuàng)建和管理網(wǎng)購平臺的。這個目標(biāo)算是雄心勃勃嗎？實(shí)際上多納霍還計劃，到2015年實(shí)現(xiàn)eBay用戶翻一番，達(dá)到2億人以上。

????為了實(shí)現(xiàn)這些宏偉目標(biāo)，eBay正致力于提升用戶體驗(yàn)。比如，eBay市場就將在未來數(shù)月和數(shù)年中推出各種新功能，加強(qiáng)用戶與零售商的關(guān)系，并用全新的方式運(yùn)用移動設(shè)備。通氣會當(dāng)天，eBay推出了一項(xiàng)名為“社區(qū)”（Neighborhoods）的移動應(yīng)用功能演示，令人印象深刻。目前這項(xiàng)功能還遠(yuǎn)未開發(fā)完成，未來它將是一個包羅萬象的地圖功能，能把用戶所在社區(qū)（比如紐約的西村）所有加盟店——不管規(guī)模大小——的所有在售商品都集中起來。這些商品將在移動設(shè)備上展示出來，只需點(diǎn)擊幾下就能購買，隨后就能快遞到家，還可能實(shí)現(xiàn)當(dāng)天快遞送達(dá)！或者也可去實(shí)體店自提。

????盡管貝寶仍是eBay增長最快的業(yè)務(wù)板塊，但它上季度18%的增速已低于去年任一季度。它表明，支付業(yè)務(wù)可能正受到競爭對手如移動支付技術(shù)公司Square和Intuit的挑戰(zhàn)。這兩家公司也都在開發(fā)線上線下及移動支付解決方案。這或許能解釋，為什么eBay眼下正在大舉進(jìn)軍實(shí)體店。去年年末，貝寶宣布達(dá)成了一項(xiàng)交易，可讓購物者在其700多萬家可使用Discover購物卡的合作實(shí)體店用貝寶賬戶付款。

????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.

????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 PayPal's 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 PayPal's slowest growth period in some time, did not sit well with investors. The news sent eBay shares down 2% in after-hours trading.

????The results have left some analysts wondering: with the turnaround in its rear-view mirror, how can eBay keep up the pace?

????At the company's 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 year's $14.1 billion in sales -- tied to $300 billion in global commerce from eBay's 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 eBay's user base to 200 million-plus by 2015.

????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 City's 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.

????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.