Technology

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

eBay’s headquarters in San Jose, California, U.S.
Bloomberg |  Getty Images

eBay said Tuesday that it plans to lay off 9% of the company’s workforce, equating to 1,000 full-time employees

Jamie Iannone, the president and CEO of eBay, detailed the layoffs on Tuesday in a letter to employees that was published on a corporate blog, adding that the ecommerce firm will also “scale back the number of contracts we have within our alternate workforce over the coming months.”

Iannone explained that 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.”

eBay shares were up around 3.7% in after-hours trading on Tuesday to $42.95.

This is breaking news. Please check back for updates.

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