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This year continues to witness a relentless array of layoffs, with eBay (NASDAQ:EBAY) making the tough but decisive move to streamline operations in 2024 in pursuit of sustainable, long-term growth.
CEO Jamie Iannone divulged in a memo that eBay (EBAY) is set to reduce its full-time workforce by an astounding 9%, equivalent to approximately 1,000 jobs, and will also curtail the number of contracts within its alternative workforce in the coming months. In response, the stock of eBay (EBAY) experienced a 3% surge in premarket trading on Wednesday.
“While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business,” Iannone detailed in the memo. “We need to better organize our teams for speed – allowing us to be more nimble, bring like-work together, and help us make decisions more quickly.”
Notably, eBay (EBAY) had slashed around 500 jobs, constituting 4% of its workforce, during the early part of last year, in response to a slowdown in consumer spending after a brief pandemic-fueled surge.
The e-commerce giant is now part of a burgeoning cohort of companies that have unveiled job cuts in recent times, including industry behemoths like Alphabet (GOOG) (GOOGL), Amazon (AMZN), and SAP (SAP).
