eBay has planned to lay off about 9% of its workforce as the online marketplace simplifies operations and shifts more resources to its fastest-growing businesses. The job cuts will affect about 1,100 employees, based on the company's reported headcount, Reuters said.
eBay CEO Jamie Iannone announced the decision in an internal email seen by Reuters. An eBay spokesperson also acknowledged the layoffs to Reuters. Employees affected by the decision can expect to be notified over the next few days. This comes just a few months after eBay laid off 800 workers in February.
eBay Plans to Focus on Faster-Growing Businesses
These latest layoffs fit into the bigger picture of eBay focusing on sectors it thinks will offer more growth opportunities. The firm has been trying to grow in sectors such as authenticated luxury goods, collectibles, and refurbished goods, which target buyers looking for something special or valuable.
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As mentioned in his memo, Iannone claimed that eBay's strategy is paying off, but that future growth will depend on smart investments. His strategy seems to be working in the stock market: eBay shares have risen nearly 40% this year, while the S&P 500 has risen only 12%, according to reports.
Depop Acquisition Strengthens Resale Business
eBay has also expanded its reach among younger shoppers through its $1.4 billion acquisition of Depop, a fashion resale platform. The deal strengthens the company's position in the growing resale market, where consumers buy and sell pre-owned clothing and other products.
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Rather than competing only with broad online marketplaces, eBay is putting greater emphasis on categories that can attract dedicated buyers and sellers. Its focus on collectibles, authenticated luxury items and refurbished goods forms a key part of that strategy.
The company has also benefited from stronger financial performance. In August, eBay forecast third-quarter revenue above Wall Street expectations. It is scheduled to report its latest earnings next week.