New Delhi: E-commerce giant eBay is laying off about 1,000 employees, accounting for 9 per cent of its full-time workforce. Additionally, the company is planning more rounds of layoffs in the next few months. The company made this announcement in an email to its staff. Earlier, companies like Google, Amazon, Meta, and others had reduced their workforce to cut costs.
Jamie Iannone, eBay CEO, said in a letter shared with employees, “While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business,” as per reports. Furthermore, he asserted, “To address this, we’re implementing organisational changes that align and consolidate certain teams to improve the end-to-end experience and better meet the needs of our customers around the world.”
However, eBay announced the layoffs despite making 1.3 billion dollars in profit last quarter, reportedly labelling it as “another quarter of solid results.” Last February, eBay laid off 500 employees globally, representing 4% of its total workforce.
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Notably, a key factor leading to workforce reductions in the tech industry is excessive hiring. Post-pandemic, many companies expanded their workforce substantially. Nevertheless, towards the conclusion of 2022, a surge of widespread layoffs occurred as companies opted for restructuring and implemented cost-cutting measures, adversely affecting their employees.
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