eBay to fire 500 employees, cut workforce by 4% in a bid to reduce costs

In a recent development, E-commerce giant EBay has announced mass layoffs at the company that will be affecting 4 per cent of its workforce. This means that around 500 people will be losing their jobs globally.

eBay to fire 500 employees cut workforce by 4 per cent in a bid to reduce costs gcw

Team Newsable

First Published Feb 8, 2023, 3:10 PM IST | Last Updated Feb 8, 2023, 3:10 PM IST

In order to cut expenses and improve efficiency, the world's largest e-commerce company, eBay Inc., has announced plans to fire 500 employees. This move is expected to represent 4 per cent of their total workforce, with job losses taking place globally. After the business announced layoffs, its shares increased by nearly 1% in aftermarket trading.

In a note to workers, Jamie Iannone, chief executive officer of eBay, stated, "This move allows us extra room to invest and create new positions in high-potential areas - new technology, consumer improvements, and critical markets."

The IT job crisis persists as more and more businesses announce worker reductions. A number of companies, including Microsoft, Meta, Amazon, and Google, have announced layoffs in recent weeks as uncertainty hangs over many workers.

Also Read | Communication tech firm Zoom joins layoff spree, cuts 1,300 jobs

E-commerce firm eBay Inc. was established in 1995 and has its headquarters in San Jose, California. It runs an online market place where users may trade products and services with one another. The platform of eBay offers a wide variety of commodities, including, among other things, home goods, fashion items, and consumer gadgets.

In addition to EBay, Zoom, a platform for video calls, has also disclosed staff layoffs. Globally, the corporation will let go about 1,300 employees. In addition, Zoom's CEO, Eric Yuan, would forego his yearly bonus and take a pay cut of 98% for the upcoming year. Involved in the layoffs will be close to 15% of Zoom's employees.

Also Read: Amazon layoff: Here's how much tech giant has to pay to sacked employees

Also Read: Meta layoff: CEO Mark Zuckerberg puts managers on notice, hints at more job cuts

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