Online retailer eBay has decided to cut down 1000 jobs or 9% of it’s workforce amid growing expenses and slow business.
CEO Jamie Iannone said in a message to employees on Tuesday that the company also will reduce how many “contracts we have within our alternate workforce over the coming months.”
The online retail giant owns two other companies that announced major layoffs in January: Audible, the online audiobook and podcast service, which is trimming about 5% of its workforce, and streaming platform Twitch that is cutting more than 500 jobs.
The job cuts at eBay have come following layoffs at several other tech companies, including Amazon, TikTok, Google, and more. This has accounted for around 11,000 workers losing their jobs in the tech industry in the first month of 2024 alone. In addition, SAP has also announced plans to carry out buyouts or drive job changes for employees in a restructuring initiative. Google has also laid off several employees who were part of X, Alphabet Inc.’s innovation lab.
Factors such as continued concerns about reduced spending by consumers and businesses have driven the trend of job cuts in the tech industry. Consequently, further layoffs are not unlikely in the coming months.
