eBay plans to lay off about 1,000 full-time employees, about 9% of its workforce, the company announced, as it seeks to reverse a significant downturn in its once-booming online market. .
The San Jose, California-based auction site on Wednesday began notifying affected employees via Zoom and asked remaining employees to work from home “to provide space and privacy.”
In addition to the layoffs, eBay announced it will “retrench” its hiring of support contractors in the coming months.
Iannone cited “external pressures, including a difficult macroeconomic environment” as factors in the culling.
“Our total headcount and expenses are outpacing our business growth,” Iannone said in the memo. “To address this, we are implementing organizational changes to align and integrate certain teams to improve the end-to-end experience and better meet the needs of our customers around the world.”
Iannone added that laid-off employees will be provided with “support and resources.”
eBay stock was flat in trading Wednesday after the announcement.
The layoffs are the latest sign of eBay's ongoing pain. eBay also laid off 500 employees last February.
The company will have approximately 11,600 employees worldwide at the end of 2022, according to the filing.
The company has been hiring during the COVID-19 pandemic, but has been hit by high interest rates and inflation that have led many Americans to cut back on online spending.
EBay is the latest of several prominent technology companies to cut jobs in recent days.
Earlier this month, Google announced more than 1,000 layoffs across multiple departments, angering employees.
CEO Sundar Pichai has cited “sustainable cost reduction” as one of the company's goals for 2024.
E-commerce giant Amazon also announced layoffs, including about 500 employees at its live streaming site Twitch.
