Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

EBay to eliminate about 1,000 jobs, or 9% of full-time workforce

by January 24, 2024
January 24, 2024
EBay to eliminate about 1,000 jobs, or 9% of full-time workforce

EBay said Tuesday that it plans to lay off 9% of the company’s workforce, equal to about 1,000 full-time jobs, as the tech industry continues to downsize to start 2024. The stock rose more than 3% in extended trading.

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

Iannone said the job cuts are necessary because eBay’s “overall headcount and expenses have outpaced the growth of our business.”

“To address this, we’re implementing organizational changes that align and consolidate certain teams to improve the end-to-end experience, and better meet the needs of our customers around the world,” Iannone said. “Shortly, we will begin notifying those employees whose roles have been eliminated and entering into a consultation process in areas where required.”

Following hefty job cuts last year, tech companies have continued to eliminate positions in January as concerns about consumer and business spending persist. Amazon, Alphabet and Unity have confirmed cuts this month, and SAP said on Tuesday that it aims to carry out voluntary buyouts or enable job changes for 8,000 employees as part of a restructuring program for 2024.

Regarding eBay’s cuts, Iannone said he wants employees to work from home on Jan. 24, “to provide some space and privacy for these conversations.”

“These changes are difficult, but I’m confident that by working together we will become stronger than ever,” Iannone said. “In the months ahead, you will see a more focused, agile, and responsive eBay — one that is better positioned to advance our purpose of creating economic opportunity for all.”

EBay shares dropped about 4% in November after the company provided fourth-quarter revenue guidance that trailed Wall Street estimates. During a call with analysts, Iannone said that eBay had “observed softening consumer trends to date in Q4, and particular challenges in Europe, suggesting we may see a more muted seasonal uptick over the holidays.”

He added that “Inflationary pressures and rising interest rates continue to weigh on consumer confidence and pressured demand for discretionary goods.”

Earlier in January, eBay said it would pay a $3 million criminal penalty as part of a settlement related to a cyberstalking and harassment campaign conducted by a group by former employees.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Ernst demands OMB audit every Biden admin head’s schedule after Secretary Austin’s hospitalization
next post
TNC Secures Glencore Partnership for Cloncurry Copper Project

Related Posts

Don’t freak out about the stock market’s inflation...

February 16, 2024

Why companies are canceling summer Fridays

June 17, 2024

Federal Reserve pauses rate hikes as inflation slows...

September 21, 2023

Inflation expected to worsen in August because of...

September 13, 2023

Dick’s Sporting Goods stands by full-year guidance —...

May 29, 2025

Adidas to cut up to 500 jobs after...

January 27, 2025

How immigrants are helping boost the U.S. job...

April 7, 2024

The lunch rush is dead as Americans live...

May 20, 2024

Boeing urges inspections of 737 Max planes for...

January 3, 2024

Why the Fed’s keeping rates higher for longer...

April 25, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The NASDAQ 100, On The Brink Of A Breakout, Needs Help From This Group

    • Tech 5: OpenAI/Microsoft Talks Get Tense, SoftBank Floats Arizona Robotics Hub

    • Editor’s Picks: Silver Price Hits 13 Year High, Gold Takes a Breather

    • Joe Rabil’s Undercut & Rally Pattern: From DROP to POP

    • RRG Alert Tech Vaults to ‘Leading’—Is XLK Signaling a New Rally?

    • Coelacanth Energy

    Categories

    • Business (1,259)
    • Investing (2,585)
    • Politics (3,699)
    • Stocks (1,670)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved