eBay layoffs: Hundreds of jobs slashed with stock riding high. ‘Our strategy is working,’ says CEO
The e-commerce giant eBay (Nasdaq: EBAY) will undertake its second round of mass layoffs this year. Yesterday, the popular online marketplace reportedly said it is preparing to lay off about 1,000 employees, or roughly 9% of its workforce. The additional layoffs, following a round of layoffs early this year, come at a time when eBay is in the middle of a strategic shift that has boosted its stock…
E-commerce giant eBay, known for its online auction concept, is set to cut approximately 1,000 jobs, or about 9% of its workforce, in a second round of mass layoffs this year. This comes after a series of staff reductions earlier this year, totaling around 6% of the company's global workforce of 12,300 employees.
The layoffs, announced in a memo by eBay CEO Jamie Iannone, are part of a strategic shift aimed at differentiating the company from competitors such as Amazon. eBay has been focusing on collectibles, second-hand luxury goods, and high-value refurbished products, an area that has seen increased success.
In a recent earnings report for its second quarter of fiscal 2026, eBay reported a 15% year-over-year increase in revenue, reaching $3.1 billion, and a 51% year-over-year increase in net income, totaling $552 million. Wall Street has responded positively to these results, with eBay's stock surging 41% as of yesterday's closing price of $122.90, near an all-time high.
The company's decision to invest in artificial intelligence and acquire the fashion resale marketplace Depop for $1.4 billion has necessitated cost reductions. Iannone emphasized that these strategic choices are essential to capture the significant opportunities ahead. Investors closely await eBay's Q3 2026 results, which will be announced next week.
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