eBay announced plans to lay off 9% of its workforce, approximately 1,000 full-time jobs, amid ongoing downsizing in the tech industry, CNBC reports.
eBay CEO Jamie Iannone mentioned in a letter to employees that the job cuts are necessary due to the company’s headcount and expenses outpacing business growth. The restructuring will also involve scaling back contracts with the alternate workforce.
Iannone expressed confidence that the changes would make eBay more focused, agile, and responsive. The company’s shares rose over 3% in extended trading. The move comes as tech companies, including Amazon, Alphabet, and Unity, have confirmed job cuts in January due to concerns about consumer and business spending.