On February 7, 2023, eBay Inc., the global e-commerce giant, announced a plan to cut 500 jobs, or 4 per cent of their global workforce, as a cost-saving and efficiency measure. Following the announcement, the company’s shares rose by 1 per cent in after-market trade.
CEO Jamie Iannone stated in a message to employees that the move would free up resources to invest and create new positions in high-growth areas such as new technologies, customer innovations, and key markets.
This follows a trend of tech companies, including Microsoft, Meta, Amazon, and Google, announcing layoffs amid uncertainty for employees.
eBay Inc. is a leading e-commerce firm founded in 1995, with headquarters located in San Jose, California. It provides an online marketplace platform where users can buy and sell products and services to each other. The platform features a vast range of products including electronics, fashion, and home goods.
The platform operates with a distinctive auction format, enabling users to participate in bidding or to make a purchase at a fixed price. The company also has a ‘Buy It Now’ feature, enabling users to buy items immediately at a set price, bypassing the bidding process.
Apart from its online marketplace, eBay runs several other ventures including the classifieds platform, Kijiji, and the online payment solution, PayPal.
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