eBay is laying off 1,000 employees — about 9% of its workforce. Read the memo its CEO sent to staff.
- eBay is laying off 1,000 employees — about 9% of its workforce.
- CEO Jamie Iannone announced the cuts Tuesday in a memo sent to staff and shared on its website.
eBay is cutting 1,000 jobs — a reduction of about 9% of its workforce.
CEO Jamie Iannone told employees in a memo Tuesday that it would make the latest round of layoffs so it could be "more nimble."
In the memo, shared on the company's website, Iannone pointed to eBay's expenses and head count eclipsing the growth of its business. He added that it would also "scale back" the number of contractors it hired.
The e-commerce giant laid off 500 workers in February, which was about 4% of its workforce. In November, the company posted third-quarter revenue of $2.5 billion, up 5% year over year.
The eBay chief said in the memo: "Despite facing external pressures, like the challenging macroeconomic environment, we know we can be better with the factors we control. While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business."
Iannone told investors in a post-earnings call in November that the company was witnessing "softening consumer trends" early in its fourth quarter. He added that it could see a "more muted seasonal uptick over the holidays."
eBay's latest job cuts come amid a fresh wave of mass layoffs in the tech industry. Google axed over 1,000 workers this month, and Amazon let go of hundreds of employees at Prime Video and MGM Studios and a further 500 people at its streaming platform Twitch.
Read the full memo the CEO sent to employees below.