eBay to cut 1,000 jobs, scale back contracts

eBay layoff plans: eBay Inc revealed on Tuesday its intention to cut approximately 1,000 positions, equivalent to an estimated 9 per cent of its current workforce. 

The decision comes as the e-commerce giant addresses a situation where overall headcount and expenses have surpassed the growth of its business, according to a letter from eBay CEO Jamie Iannone shared with employees. 

These organisational changes aim to align and consolidate certain teams, enhancing the end-to-end experience for customers worldwide. 

The move follows a broader trend of tech layoffs in the US after significant industry hiring during the pandemic, with major players like Amazon and Google also making adjustments. 

In addition to job cuts, eBay plans to scale back the number of contracts within its alternative workforce over the coming months. 

Last February, the company had already announced intentions to lay off 500 employees globally, constituting 4 per cent of its total workforce.

(With Reuters Inputs)