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Ebay to lay off 500 employees

Published 02/07/2023, 05:24 PM
Updated 02/07/2023, 05:31 PM
© Reuters. FILE PHOTO: The eBay app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - E-commerce firm eBay Inc (NASDAQ:EBAY) said on Tuesday it will lay off 500 employees globally, representing 4% of its total workforce.

Shares of the San Jose, California-based company rose about 1% in aftermarket trade.

"This shift gives us additional space to invest and create new roles in high-potential areas - new technologies, customer innovations and key markets," said Jamie Iannone, Chief Executive Officer of Ebay in a message to employees.

A raft of U.S. companies from Goldman Sachs Group Inc (NYSE:GS) to Alphabet (NASDAQ:GOOGL) Inc have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates.

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