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Why eBay is laying off 500 employees?

Ebay's CEO said that the shift will give the company an additional space to invest and create new roles in high-potential areas with new technologies, customer innovations and key markets. Also, they will adapt and flex with the changing macro too.

Edited By: Saumya Nigam @snigam04 Noida Published on: February 08, 2023 20:15 IST
Ebay
Image Source : PIXABAY Ebay

eBay, an e-commerce giant has announced that the company is laying off around 500 employees, which is around 4 per cent of its staff across the world. By doing this, the company has participated in the citing of the macroeconomic situation which is running across the world.

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Jamie Iannone, CEO of eBay, announced the move on Tuesday (7 February), in an official note to the staff which was later filed with the US Securities and Exchange Commission (SEC).

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Jamie stated that actions which were taken have been designed to strengthen the company's ability to deliver better, end-to-end experiences for its customers. It will also support more innovation and scale businesses across the platform, he mentioned.

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In an official statement, Jamie stated: "This shift gives us additional space to invest and create new roles in high-potential areas -- new technologies, customer innovations and key markets -- and to continue to adapt and flex with the changing macro, e-commerce and technology landscape. We're also simplifying our structure to make decisions more effectively and with more speed.”

Jamie further added that the move will enable eBay to majorly focus on "where we can make the biggest impact", which will further include the expansion of the company's categories of focus.

Recently, Zoom- a video communication application was reported for laying off about 1,300 employees which is around 15 per cent of its workforce cut- which was announced by Eric Yuan the (CEO).

Eric further stated that he is reducing his own salary for the upcoming fiscal year, agreed for the drop of around 98 per cent and will be foregoing his FY23 corporate bonus.

 

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