eBay lays off 1,000 people, 9% of its workforce


by

Cheon Fong Liew

Less than a month after the start of 2024, IT companies such as Google , Discord , Twitch , and Unity have announced layoffs one after another, and on January 23, 2024, eBay, a major internet auction company, announced that it will lay off its employees. announced plans to significantly reduce emissions. eBay also plans to terminate its contractual relationships with an unspecified number of contractors over the coming months.

Ensuring eBay's Long-Term Success
https://www.ebayinc.com/stories/news/ensuring-ebays-long-term-success/

EBay to slash about 1,000 roles, or 9% of full-time employees
https://www.cnbc.com/2024/01/23/ebay-to-slash-about-1000-roles-or-approximately-9percent-of-full-time-employees.html

Ebay to Cut About 1,000 Employees, Estimated 9% of Staff - Bloomberg
https://www.bloomberg.com/news/articles/2024-01-24/ebay-to-cut-1-000-jobs-reduce-contractors-to-sharpen-focus

In an email to employees, eBay CEO Jamie Iannone said, 'The most important and difficult decision we have made as we transform eBay's long-term, sustainable growth is to 'We will reduce the number of contracted replacements in the coming months.'

Regarding the reason for the restructuring, CEO Ian Noone points out that the number of employees and labor costs are outpacing growth, and explains that it was necessary to implement organizational reorganization to cope with this.



In its most recent

quarterly financial results announced in November 2023, eBay reported a 5% increase in revenue from the previous quarter to $2.5 billion (approximately 370 billion yen) and a net profit of $1.3 billion (approximately 192 billion yen). I reported that it was solid.

However, CEO Ian Noone said in a conference call with analysts that ``consumer trends in the fourth quarter have softened, and conditions remain particularly challenging in Europe.'' '', revealing that sales during the year-end and New Year holidays did not increase as expected.



eBay has been forced to make layoffs for the second year in a row, and in February 2023 it announced cuts of about 500 people, or 4% of its workforce, citing a slowdown in demand heated by the pandemic.

Foreign media outlet Bloomberg said, ``For years, eBay has been losing market share to major rivals such as Amazon and Walmart, and has been selling off parts of the company little by little. CEO Ian Noone is focusing on niche markets such as luxury watches and collectibles.'' As of the end of September 2023, eBay has 132 million active shoppers . 'This was a 3% decrease from the same period last year,' he said, pointing out that eBay continues to struggle in the e-commerce market, which is dominated by companies such as Amazon.

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