eBay to cut 500 jobs

eBay has announced it will lay off 500 employees, around four per cent of its workforce.

In its latest filing with the Securities and Exchange Commission (SEC), chief executive of ebay Jamie Iannone shared a memo sent to employees announcing the job cuts.

He said the company had made the decision due to the global macroeconomic environment, adding that the cuts will help ebay focus on areas where it can make the “most impact”.

“This shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape,” said the chief executive. “We’re also simplifying our structure to make decisions more effectively and with more speed.”

This follows the news that Daraz Group, a subsidiary of Alibaba Group and Pakistan’s largest e-commerce platform, has announced plans to reduce its workforce by 11 per cent.

Fellow online marketplace Amazon has also recently announced it will lay off around 18,000 employees. In the UK, the retail giant said it would shutter three UK warehouses, putting 1,200 jobs at risk.

Last year eBay reported what it described as “better than expected” financial results, as the online marketplace expanded its luxury range and consumers looked towards refurbished goods during the cost-of-living crisis.

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