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EBay Cuts 1,100 Jobs to Pivot Toward High-Growth Markets

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EBay Cuts 1,100 Jobs to Pivot Toward High-Growth Markets

EBay plans to lay off 9% of its workforce, or about 1,100 people, as it sharpens its focus on faster-growing markets, Reuters reported Wednesday (Oct. 21).

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CEO Jamie Iannone announced the move in a memo sent to staff, which was seen by Reuters, and an eBay spokesperson confirmed the layoffs to Reuters, according to the report.

This round of layoffs follows one in February, when eBay laid off 6% of its workforce, or 800 employees, per the report.

The company’s shares have risen 40% this year as the online marketplace focused on more valuable items such as authenticated luxury goods, collectibles and refurbished products, and as it benefited from its $1.4 billion acquisition of fashion resale platform Depop, the report said.

Iannone said in the memo to staff that the company’s strategy is working and that to capture opportunities, eBay must “make thoughtful choices about where we focus and invest,” per the report.

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PYMNTS reported in August that eBay’s second-quarter earnings results showed that the company’s efforts to reposition its marketplace around specialized categories, seller tools and higher-margin services was beginning to produce broader growth.

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