eBay cuts 1,000 jobs in second layoff
eBay layoffs affect about 1,000 employees, 9% of its workforce, in the company’s second round of cuts this year, after an 800-role reduction in February.
EBay has cut about 1,000 jobs, which is roughly 9% of its global workforce, a spokesperson confirmed. The layoffs will impact all regions where the company operates.
The move is the second round of downsizing this year, following the cut of 800 roles in February. EBay has not provided a detailed explanation for the layoffs, saying only that it will help further its goals.
A company spokesperson stated, “Yesterday we shared the difficult news that we plan to reduce a portion of our workforce. As we work to capture the significant opportunity ahead, this step was taken to ensure we continue to operate from a position of strength by aligning our teams and resources with our top strategic priorities.”
During a conference call with analysts in August, CEO Jamie Iannone reiterated the company’s strategy, which focuses on categories like collectibles, consumer-to-consumer sales, and sales of preowned and refurbished items. These categories accounted for more than 70% of the marketplace’s gross merchandise volume in Q2.
Financially, it is on solid ground, with revenue rising 15% to $3.1 billion in Q2, and gross merchandise volume also up 15% to $22.4 billion. Net income from continuing operations rose over 50% to $552 million, beating analyst expectations.
EBay’s position in the AI race is also strong, according to analysts at Morgan Stanley, who list the company among the best positioned when it comes to “partnering with next generation horizontal platform agents.” EBay reports its Q3 results next week.
