eBay plans to cut 1,000 jobs because it’s not growing fast enough

E-commerce company eBay said today it plans to lay off 1,000 employees, or about 9% of its workforce, due to current economic conditions. The company said in a blog post that it also plans to cut contract positions in the coming months.

CEO Jamie Iannone acknowledged that the company was hiring quickly but was not growing fast enough to justify the headcount.

“Despite external pressures, such as a challenging macroeconomic environment, we know we can do better through factors within our control. While we have made progress on our strategy, our total headcount and spend have exceeded growth of our business,” Iannone said in a note to employees on Tuesday.

“To address this, we are implementing organizational changes, aligning and integrating certain teams to improve the end-to-end experience and better meet the needs of our customers around the world.”

The company joins Google, Amazon (including Twitch and Audible), Discord, Duolingo, Pixar and Unity, among many other organizations, in announcing layoffs in January 2024.

In the third quarter of 2023, eBay’s revenue was US$2.5 billion and profit was US$1.3 billion. However, the company gave weak fourth-quarter guidance as it sees consumer spending on a downward trajectory. The company also made $2.2 billion last year from selling its stake in online advertising business Adevinta to Permira and Blackstone. In July, the e-commerce company acquired Certilogo, which provides digital IDs for clothing. eBay will report fourth-quarter earnings next month.

The company has been embroiled in some controversy of late. Earlier this month, it agreed to pay $3 million in connection with an online tracking case involving an American couple’s businesses. Last September, the Justice Department accused the e-tailer of selling products that could harm the environment and public health.

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