Current:Home > MarketsOnline retailer eBay is cutting 1,000 jobs. It’s the latest tech company to reduce its workforce-Angel Dreamer Wealth Society D1 Reviews & Insights
Online retailer eBay is cutting 1,000 jobs. It’s the latest tech company to reduce its workforce
View Date:2024-12-24 08:04:17
LONDON (AP) — Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce, saying its number of employees and costs have exceeded how much the business is growing in a slowing economy. It marks the latest layoffs in the tech industry.
CEO Jamie Iannone said in a message to employees on Tuesday that the company also will reduce how many “contracts we have within our alternate workforce over the coming months.”
Those who are being laid off will be told through Zoom calls with their bosses, Iannone said, requesting that people work from home Wednesday to allow privacy for those conversations.
“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,” he said in the note, which was posted online.
“These changes are difficult, but I’m confident that by working together we will become stronger than ever,” Iannone added.
San Jose, California-based eBay is the latest tech company to roll out a series of layoffs after quickly ramping up hiring during the COVID-19 pandemic while people spent more time and money online.
Now, companies from Google to Amazon have been making painful job cuts to reduce costs and bolster their bottom lines.
Just this month, Google said it was laying off hundreds of employees working on its hardware, voice assistance and engineering teams, while TikTok said its shedding dozens of workers in ads and sales and video game developer Riot Games, behind the popular “League of Legends” multiplayer battle game, was trimming 11% of its staff.
Meanwhile, Amazon said this month that it is cutting several hundred jobs in its Prime Video and MGM Studios unit.
The online retail giant owns two other companies that announced major layoffs in January: Audible, the online audiobook and podcast service, which is trimming about 5% of its workforce, and streaming platform Twitch that is cutting more than 500 jobs.
Other tech companies, including Spotify, Microsoft, Meta and IBM, also have recently cut jobs.
They’re running into a slowing economy following rapid interest rate hikes unleashed by central banks around the world to combat soaring inflation.
The head of eBay pointed to those concerns in the need to trim its workforce: “Despite facing external pressures, like the challenging macroeconomic environment, we know we can be better with the factors we control,” Iannone said.
The company has also faced internal problems that hurt its business. The online retailer will pay a $3 million fine to resolve U.S. criminal charges over a harassment campaign waged by employees who sent live spiders, cockroaches and other disturbing items to the home of a Massachusetts couple, according to court documents this month.
The Justice Department charged eBay with stalking, witness tampering and obstruction of justice more than three years after the employees were prosecuted in an extensive scheme to intimidate a couple who produced an online newsletter called EcommerceBytes that upset eBay executives with its coverage.
veryGood! (2)
Related
- Chipotle unveils cilantro-scented soap, 'water' cup candles in humorous holiday gift line
- Euphoria's Angus Cloud Spotted at Album Party 3 Days Before His Death
- Suzanne Somers reveals breast cancer has returned: 'I continue to bat it back'
- Pre-order the Classic Nintendo inspired 8BitDo Retro Mechanical Keyboard
- Mandy Moore Captures the Holiday Vibe With These No Brainer Gifts & Stocking Stuffer Must-Haves
- Flashing 'X' sign on top of Twitter building in San Francisco sparks city investigation
- Virginia Republicans offer concession on tax plan as budget stalemate drags on
- Russia accuses Ukraine of a drone attack on Moscow that hit the same building just days ago
- Suspect arrested after deadly Tuskegee University homecoming shooting
- New Jersey Lt. Gov. Sheila Oliver still hospitalized, Scutari is acting governor
Ranking
- Diamond Sports Group can emerge out of bankruptcy after having reorganization plan approved
- GOP presidential race for Iowa begins to take shape
- Many low-wage service jobs could be eliminated by AI within 7 years, report says
- Lady Gaga shares emotional tribute to Tony Bennett: I will miss my friend forever
- Black, red or dead: How Omaha became a hub for black squirrel scholarship
- Yellow is shutting down after 99 years. Here's what happened.
- Pamper Yourself With Major Discounts From the Ulta 72-Hour Sale
- MLB trade deadline updates: All the moves and rumors that happened on Monday
Recommendation
-
Amazon launches an online discount storefront to better compete with Shein and Temu
-
$1.05 billion Mega Millions jackpot drawing offers shot at 7th largest prize ever
-
Churchill Downs to resume races after announcing new safety measures for horses and riders
-
Lab-grown chicken coming to restaurant tables and, eventually, stores
-
Beyoncé's Grammy nominations in country categories aren't the first to blur genre lines
-
Memphis police shoot man who fired gun outside a Jewish school, officials say
-
Multiple people taken to hospitals after commercial building fire in Phoenix suburb
-
Suspect arrested after allegedly running over migrant workers outside North Carolina Walmart