BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

EBay Announces Significant 9% Workforce Reduction Amid Industry Cuts

by Conie
January 26, 2024
in BUSINESS
Reading Time: 3 mins read
A A
1
SHARES
17
VIEWS
Share on XShare in TelegramShare on Reddit
  • EBay announced plans to lay off 1,000 employees, around 9% of its workforce, as part of a restructuring aimed at streamlining operations and aligning teams.
  • The job cuts come as eBay faces slowing growth, increased competition, and shifting industry trends like social commerce. Its stock price has dropped 30% over the past year.
  • The eBay layoffs are part of an ongoing trend of workforce reductions across the tech industry, with over 150,000 jobs cut in 2022 amid recession concerns.

EBay is the latest technology company to announce job cuts in 2024 as the industry continues to reduce staffing levels. On Tuesday, the e-commerce giant said it plans to lay off about 9% of its workforce, equating to around 1,000 employees. The move comes as eBay looks to streamline operations and better align teams to improve customer experiences.

Details of the Restructuring Plan

In a letter to employees, EBay CEO Jamie Iannone explained the reasoning behind the restructuring. He said the changes are necessary because eBay’s “overall headcount and expenses have outpaced the growth of our business.”

Specifically, Iannone noted eBay will be scaling back the number of external contractor roles in the coming months. He said the aim is to create a more focused, agile and responsive eBay that is better positioned to advance the company’s purpose.

The job cuts will impact eBay employees globally. Iannone told workers the company would begin notifying affected staff soon and initiate required consultations in certain regions.

Iannone acknowledged the changes will be difficult. But he expressed confidence that by working together, eBay will emerge stronger than ever.

EBay’s Recent Business Performance

The workforce reduction comes after eBay reported softer-than-expected fourth quarter guidance in November 2022. During the earnings call, Iannone cited slowing consumer trends and economic challenges weighing on discretionary spending.

JUST IN: eBay announces plans to lay off 9% of its workforce

Approximately 1,000 full-time jobs

— BlockNews.com (@blocknewsdotcom) January 25, 2024

The company has faced increased competition from the likes of Amazon and Shopify. It’s also navigating industry changes like the shift to social commerce.

EBay’s share price has dropped nearly 30% over the past year. The stock rose around 4% in extended trading after news of the restructuring plan.

Ongoing Tech Industry Cuts

The eBay layoffs are the latest in a recent string of workforce reductions across the technology sector. Companies like Amazon, Salesforce, Meta and Google parent Alphabet have all announced major job cuts amid concerns over recession risks.

Faced with rising inflation and interest rates, businesses are looking to curb costs. While tech firms ramped up hiring during the pandemic, many are now reducing headcount as demand softens.

According to Layoffs’, more than 150,000 tech jobs have been cut since the beginning of 2022. The trend is expected to continue as companies brace for potential economic downturns. EBay’s plan to eliminate 9% of staff shows even large players are not immune to the current climate.

Tags: AmazonBusinessGoogleJamie LannoneShopify
TweetShareShare
Previous Post

Bitcoin Core Developer Alerts to Bitcoin Mining Centralization Risks

Next Post

Ronaldo Engages with NFT Holders Amidst Ongoing Legal Battle

DON'T MISS THESE! HOT OFF THE PRESS

Coinbase Introduces ‘Coinbase Payments’ Bringing Gasless USDC Checkout to Shopify
BUSINESS

Coinbase Introduces ‘Coinbase Payments’ Bringing Gasless USDC Checkout to Shopify

June 18, 2025
Apple, Airbnb, and Google Eye Stablecoin Integration for Crypto Payments
BUSINESS

Apple, Airbnb, and Google Eye Stablecoin Integration for Crypto Payments

June 6, 2025
Coinbase Faces $400M Loss After Insider-Fueled Data Breach: Should You Be Worried?
BUSINESS

Coinbase Faces $400M Loss After Insider-Fueled Data Breach: Should You Be Worried?

May 15, 2025
Coinbase to Join S&P 500, Replacing Discover Financial: This is Bullish for Your Bags and Here is Why
BUSINESS

Coinbase to Join S&P 500, Replacing Discover Financial: This is Bullish for Your Bags and Here is Why

May 12, 2025
Google Stock Tumbles Over 9% Amid Apple’s AI Search Plans: Is This a Buying Opportunity?
BUSINESS

Google Stock Tumbles Over 9% Amid Apple’s AI Search Plans: Is This a Buying Opportunity?

May 7, 2025
Meta’s Reality Labs Reports Massive $4.2 Billion Q1 Loss: Should Zuckerberg Give Up Hope?
BUSINESS

Meta’s Reality Labs Reports Massive $4.2 Billion Q1 Loss: Should Zuckerberg Give Up Hope?

April 30, 2025
Load More

Related News

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.