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EBay Will Cut 1,000 Jobs, Or 9% Of Its Full-Time Staff

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EBay Will Cut 1,000 Jobs, Or 9% Of Its Full-Time Staff

(CTN News) – Due to the continued shrinkage of the tech industry, eBay is planning to lay off approximately 1,000 full-time employees by 2024. Stock prices rose by more than 3% in extended trading.

During the coming months, eBay’s CEO, Jamie Iannone, informed employees on eBay’s corporate blog that the company will also “scale back the number of contracts we have within our alternate workforce.”

A requirement for job cuts was cited by Iannone as a result of eBay’s “overall headcount and expenses having outpaced the growth of the company.”

To address this, Iannone explained that the company is implementing organizational changes that align and consolidate certain teams in order to improve the end-to-end customer experience and meet the needs of customers around the world.

It is expected that we will begin notifying employees whose roles have been eliminated in the coming weeks and will begin a consultation process where necessary.”

As concerns about consumer and business spending persist, tech companies have continued to cut jobs in January after making hefty job cuts last year. As part of a restructuring program for 2024, Amazon, Alphabet, and Unity have all announced layoffs, and SAP announced on Tuesday that it plans to perform voluntary buyouts or enable job changes for 8,000 employees.

Iannone said he intends to have employees work from home on Jan. 24 “in order to provide some privacy and space for these discussions.”

“These changes are challenging, but I am confident that working together we will be stronger than ever before,” Iannone stated. eBay will be more focused, agile, and responsive in the months ahead, better positioned to create economic opportunity for all.”

EBay’s shares declined by about 4% in November after it provided revenue guidance that was below analysts’ expectations for the fourth quarter.

During a conference call with analysts, Iannone stated that eBay has observed softening consumer trends to date in Q4, particularly in Europe, suggesting that we may experience a more modest seasonal increase during the holiday season.

It is his opinion that inflationary pressures and rising interest rates continue to negatively affect consumer confidence and the demand for discretionary goods.”

eBay announced earlier this month that it will pay a $3 million criminal penalty in connection with the cyberstalking and harassment campaign conducted by a group of former employees.

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