Layoffs are coming for eBay (NASDAQ:EBAY) employees as the e-commerce company seeks to better organize its business for long-term success.
A note from eBay reveals that 1,000 of its employees are included in this newest batch of layoffs. That covers roughly 9% of the company’s total workforce.
To go along with this, eBay has revealed plans to scale back the number of contracts with alternate workers in the coming months. This comes as eBay’s headcount and spending has outpaced the growth of its business.
What’s Behind the eBay Layoffs
Jamie Iannone, CEO of eBay, said the following about the layoffs in a note to employees:
“Despite facing external pressures, like the challenging macroeconomic environment, we know we can be better with the factors we control […] To address this, we’re implementing organizational 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.”
Layoffs are an increasing trend right now as more than just eBay has announced job cuts. This comes as increased inflation and interest rates are weighing on businesses. That also means we’re likely to see more layoffs from businesses in the coming weeks.
EBAY stock is up 3.9% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
