eBay will cut about 9% of its workforce, around 1,000 jobs, according to an internal memo from CEO Jamie Iannone first reported by Reuters. It follows 800 job cuts in February. eBay says it wants to focus on its fastest-growing areas. It reports results on 28 October.
eBay will cut about 9% of its workforce, its second round of job cuts this year, according to an internal memo from chief executive Jamie Iannone. Reuters first reported the cuts on Wednesday.
Around 1,000 jobs will go, a person familiar with the matter told Bloomberg. Affected staff will be told in the coming days, Reuters said.
In the memo, Iannone said “our strategy is working,” but that the next phase “requires us to make thoughtful choices about where we focus and invest.” eBay wants to simplify how it runs and move money to its fastest-growing areas, Reuters said.
The company cut about 800 jobs, or 6% of its staff, in February. It also made cuts in early 2023 and early 2024.
The layoffs come five months after eBay rejected a $56B takeover bid from GameStop, calling it “neither credible nor attractive.” GameStop chief executive Ryan Cohen had promised to find $2B in cost savings within a year of buying eBay. He even gave up a huge pay package to pursue the deal.
Iannone, who has run eBay since 2020, has focused on categories such as luxury goods, refurbished items and collectibles. Earlier this year, eBay bought secondhand fashion app Depop to compete with Vinted, which is expanding in the US.
eBay’s shares rose about 1.2% on Wednesday morning in New York. The company reports quarterly results on 28 October.
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