eBay will cut about 1,100 employees in major restructuring
Business
eBay is letting go of about 1,100 employees, roughly 9% of its team, as part of a big restructuring.
CEO Jamie Iannone shared the news in a memo, saying the move will help eBay streamline and double down on areas where it is seeing real growth.
This follows an earlier round of cuts in February.
eBay buys Depop for $1.4 billion
eBay is putting more energy into high-growth areas like luxury goods, collectibles, and refurbished items. The strategy seems to be working: shares are up nearly 40% this year.
To attract younger users, eBay also bought Depop (a fashion resale app) for $1.4 billion.
Despite the layoffs, eBay forecast third-quarter revenue above Wall Street estimates and is scheduled to announce its latest earnings next week.