EBAY Layoffs: Ebay Inc. Announces 2,400 Job Cuts

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Ebay Inc. (EBAY) has announced plans to cut 2,400 jobs.

ebay-layoffsThe eBay jobs cuts will have the online marketplace dropping 7% of its workforce. CFO Bob Swan said that things would get better at the company, but that they would be worse first. He said there’s been a decline in repeat customers and traffic for the website, reports The New York Times.

There is also talk that eBay will spinoff its Enterprise division. This division is made up warehouses and logistics centers that deal with third-party sellers. The company said it could do an initial public offering on the service or that it may choose to sell it off, NYT notes.

Ebay also recently posted its Q4 earnings report. PayPal, which is being prepared for a spinoff, saw a strong quarter with $2.2 billion revenue. This is an 18% increase over revenue from the same time last year, reports Fortune.

EBAY shares were up 4% as of Thursday morning.

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