eBay to axe approximately 1,000 jobs

EBay is cutting its workforce by 9 percent, resulting in the loss of approximately 1,000 jobs.

An internal memo from CEO Jamie Iannone was publicly shared last week, which confirmed the marketplace will downsize its number of employees. The memo iterated the company is grappling with external pressure including a "challenging macroeconomic environment,” and its “headcount and expenses have outpaced the growth of our business.”

This is the second reduction in eBay’s workforce in less than a year. In February 2023 the online giant announced it was laying off 500 international workers.

Reporting a 5 percent growth in Q3 of 2023, with revenue of 2,5 billion dollars, eBay’s operating income fell to 455 million dollars from 568 million dollars in comparison to 2023.

Reporting its earnings, eBay Chief Financial Officer Steve Priest said: “In Q3, we met or exceeded expectations across all of our key financial metrics. Our strong balance sheet and operational rigor enable us to adapt to the evolving changes in this dynamic macro environment. We will continue to be prudent with cost efficiencies, saving to invest for the future, while remaining good stewards of capital for our shareholders."