Online retailer eBay has laid off 1,000 employees, representing approximately 9% of its workforce, despite reporting a $1.3 billion profit last quarter. The job cuts come as the tech industry sees mounting layoffs in early 2024, with companies like Amazon, Wayfair, Duolingo, YouTube, and Google also reducing headcounts.
eBay CEO Jamie Iannone stated the layoffs aim “to better position eBay for long-term, sustainable growth,” though he acknowledged the “significant and tough” impact on affected employees. Alongside the job cuts, eBay is scaling back on outside contractors.
The company asked all U.S. employees to work from home on January 24th “to provide some space and privacy” for those being let go. This marks eBay’s second round of layoffs in the past year, after cutting 500 workers in February 2023.
While Iannone said eBay has made “progress” on its strategy, he indicated their expenses have grown faster than revenue. The move aligns with a trend of tech companies tightening budgets and reducing costs in response to economic pressures.
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