Ebay to Lay Off 9% of Full-Time Workforce

user avatar Author: Editors Desk Source: WSJ:
January 24, 2024 at 13:19
EBay’s stock is down 13% over the past 12 months. PHOTO: JUSTIN SULLIVAN/GETTY IMAGES
EBay’s stock is down 13% over the past 12 months. PHOTO: JUSTIN SULLIVAN/GETTY IMAGES

Online marketplace to lay off about 1,000 full-time employees

EBay will lay off about 9% of its full-time workforce, part of efforts to boost performance at a time of rising competition and softer consumer spending.

The San Jose, Calif.-based online marketplace will cut about 1,000 full-time employees, Chief Executive Jamie Iannone said in an internal memo posted on the company’s website late Tuesday. He said it would also scale back its contracts with other employees.

“Our overall head count and expenses have outpaced the growth of our business,” Iannone said. “We need to better organize our teams for speed—allowing us to be more nimble, bring like-work together, and help us make decisions more quickly.” He said the company would begin notifying affected employees shortly, asking that U.S. employees work from home Wednesday.

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