eBay announced on Tuesday its intention to eliminate 500 jobs, which constitutes approximately 4% of its workforce, according to a filing with the SEC.
Following the announcement, eBay’s shares experienced a slight increase during extended trading on Tuesday.
In a memo addressed to employees, CEO Jamie Iannone explained that the decision to implement these job cuts came after a thorough review of the global macroeconomic environment over recent months.
He stated that the reductions are intended to enhance eBay’s capacity to provide improved experiences for its customers and will enable the company to concentrate on areas where it can have the greatest impact.
“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 space,” Iannone mentioned in the release.
He added that affected employees will be notified within the next 24 hours.
This announcement by eBay is part of a broader trend of job cuts within the tech industry. On Tuesday, Zoom also revealed plans to reduce its workforce by approximately 1,300 positions.
Earlier this year, Google announced it would lay off over 12,000 workers, Microsoft disclosed plans to cut 10,000 employees, and Salesforce stated it would lay off 7,000 workers.
