eBay announces hundreds of job cuts
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Joining many of its tech peers, eBay (NASDAQ:EBAY) announced it will cut 500 jobs on Tuesday.
In an SEC filing, the San Jose-based e-commerce company announced that it will reduce headcount by 500 in the next 24 hours. The figure equates to about 4% of the companyâs global workforce.
âOver the past few months, weâve taken a thoughtful look at where we are as a company with considerations of the macroeconomic situation around the world and how to best invest and operate so that we can continue to be successful,â CEO Jamie Iannone told employees in a letter. âTo create long-term, sustainable growth for eBay, we need to evolve our organization as we take the next step in our strategy â focused on driving growth, building a trusted marketplace, empowering enthusiasts and seeding new technologies for the future.â
Shares of eBay (EBAY) rose modestly in after hours trading on Tuesday.
Read more on earnings expectations for the company as it prepares to report later this month.