In a recent internal memo made public, eBay’s CEO, Jamie Iannone, announced plans to reduce the company’s workforce by 9 percent, amounting to approximately 1,000 jobs. The memo cited external challenges, including a “challenging macroeconomic environment,” as reasons for the downsizing, noting that the company’s expenses have outpaced its business growth.
This marks eBay’s second reduction in workforce in less than a year, following a similar announcement in February 2023, when 500 international workers were laid off. Despite reporting a 5-percent growth in Q3 of 2023, with revenue reaching $2.5 billion, eBay’s operating income declined to $455 million from $568 million compared to the previous year.
eBay’s Chief Financial Officer, Steve Priest, commented on the earnings, stating, “In Q3, we met or exceeded expectations across all of our key financial metrics. Our strong balance sheet and operational rigor enable us to adapt to the evolving changes in this dynamic macro environment. We will continue to be prudent with cost efficiencies, saving to invest for the future while remaining good stewards of capital for our shareholders.”
