Ebay plans to lay off 500 employees, about 4% of its workforce

Ebay on Tuesday introduced plans to chop 500 jobs, or about 4% of its workforce, in accordance with a submitting with the SEC.

Shares of eBay had been up barely in prolonged buying and selling Tuesday.

In a memo to staff, CEO Jamie Iannone mentioned the corporate determined to make cuts after inspecting the worldwide macroeconomic surroundings over the previous a number of months. He mentioned the cuts will strengthen eBay’s means to ship higher experiences for its clients, and it’ll assist eBay deal with areas the place it may well take advantage of influence.

“Importantly, 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,” Iannone wrote within the launch.

He mentioned affected staff will probably be knowledgeable over the subsequent 24 hours.

The firm’s layoff announcement marks the most recent spherical of job cuts within the tech business, as Zoom additionally introduced plans to chop round 1,300 jobs Tuesday. In January, Google revealed plans to put off greater than 12,000 staff, Microsoft disclosed plans to chop 10,000 staff and Salesforce introduced plans to lay off 7,000 staff.