eBay to Cut 9% of Workforce
eBay plans to cut about 1,000 jobs, or 9% of its workforce, as CEO Jamie Iannone moves to redirect resources toward the company's fastest-growing businesses. Reuters reports: The company had 12,300 employees at the end of last year. It also let go about 6% of its workforce, or 800 employees, in February as part of efforts to streamline operations. EBay has set itself apart from rivals by pushing…
eBay is set to reduce its workforce by approximately 1,000 employees, or 9%, as the company seeks to focus resources on its most profitable areas, according to CEO Jamie Iannone. The job cuts come after eBay eliminated around 6% of its workforce, or 800 employees, in February as part of its ongoing efforts to streamline operations.
In the past year, eBay has grown to employ 12,300 people. The company has distinguished itself by expanding into luxury authenticated goods, collectibles, and refurbished products, which attract collectors willing to pay premium prices for rare items. This strategy has been successful, as eBay's shares have increased by nearly 40% this year, significantly outpacing the S&P 500's roughly 12% growth.
Speaking in an internal memo, Iannone stated that their strategy is proving effective, but to continue seizing the promising opportunities, they must make deliberate decisions about where to direct their investments. The impacted employees will be notified in the days ahead.
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