Ebay: Tech layoffs: eBay announces 500 new job cuts to reduce workforce by 4% – Times of India
Several tech giants including Google, Amazon, Meta, Microsoft and others have already announced mass layoffs in 2023. More companies are now joining the bandwagon and are announcing fresh job cuts. E-commerce firm eBay Inc has announced that it will lay off 500 employees globally. The number of employees that will be laid off represents 4% of the company’s total workforce.
Why eBay has announced job cuts
According to a report by CNBC, eBay CEO Jamie Iannone has shared a memo with employees to announce the new job cuts. In the memo, Iannone said that the company has decided to make cuts after analysing the global macroeconomic environment “over the past several months.”
He also mentioned that these layoffs will “strengthen eBay’s ability to deliver better experiences for its customers.” As written in the memo, these latest job cuts will also help eBay to focus on areas where it can make the “most impact.” However, the US-based e-tailer’s shares have gone up by about 1% in aftermarket trade since the job cut announcement.
Iannone has also written a message to its employees which says: “This shift gives us additional space to invest and create new roles in high-potential areas – new technologies, customer innovations and key markets.”
Layoffs in 2023
Several US-based companies including Goldman Sachs Group Inc and Alphabet Inc have already laid off thousands in 2023. The move was aimed at safeguarding the companies from high inflation and rising interest rates. Recently, Zoom has also announced layoffs. The video conferencing platform will be firing about 1,300 employees or about 15% of its workforce.
Tech companies ended 2022 with a bleak outlook as the pandemic boom ended after a few years. To cope with that, companies across the sector had to cut thousands of jobs to correct the over-hiring of the Covid period. The tech firms are also firing their employees to brace for “a period of slower growth for the sector.”
Not only startups and mid-sized firms, tech giants like Amazon, Microsoft and Google parent Alphabet have also been swept in the layoff wave. According to tracking site Layoffs.fyi, 312 tech companies have laid off 97,020 employees in 2023.
Other companies like Zoom, Dell, Pinterest and Tinder owner Match have joined the layoff bandwagon more recently. These firms have announced job cuts to manage the costs amid a looming global economic downturn.
Why eBay has announced job cuts
According to a report by CNBC, eBay CEO Jamie Iannone has shared a memo with employees to announce the new job cuts. In the memo, Iannone said that the company has decided to make cuts after analysing the global macroeconomic environment “over the past several months.”
He also mentioned that these layoffs will “strengthen eBay’s ability to deliver better experiences for its customers.” As written in the memo, these latest job cuts will also help eBay to focus on areas where it can make the “most impact.” However, the US-based e-tailer’s shares have gone up by about 1% in aftermarket trade since the job cut announcement.
Iannone has also written a message to its employees which says: “This shift gives us additional space to invest and create new roles in high-potential areas – new technologies, customer innovations and key markets.”
Layoffs in 2023
Several US-based companies including Goldman Sachs Group Inc and Alphabet Inc have already laid off thousands in 2023. The move was aimed at safeguarding the companies from high inflation and rising interest rates. Recently, Zoom has also announced layoffs. The video conferencing platform will be firing about 1,300 employees or about 15% of its workforce.
Tech companies ended 2022 with a bleak outlook as the pandemic boom ended after a few years. To cope with that, companies across the sector had to cut thousands of jobs to correct the over-hiring of the Covid period. The tech firms are also firing their employees to brace for “a period of slower growth for the sector.”
Not only startups and mid-sized firms, tech giants like Amazon, Microsoft and Google parent Alphabet have also been swept in the layoff wave. According to tracking site Layoffs.fyi, 312 tech companies have laid off 97,020 employees in 2023.
Other companies like Zoom, Dell, Pinterest and Tinder owner Match have joined the layoff bandwagon more recently. These firms have announced job cuts to manage the costs amid a looming global economic downturn.
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