eBay to cut 1,000 jobs as expenses outpace revenue growth
eBay has announced its decision to eliminate 1,000 jobs, which makes up 9% of its full-time workforce. The move will also reduce work for external contractors. This decision comes as the e-commerce giant acknowledges that its staffing and expenses have grown faster than its business. With this, eBay joins more than 60 tech companies, including Amazon and Google, that have fired almost 11,000 employees so far this year.
eBay job cuts a part of organizational changes
With the latest round of layoffs, focusing on implementing organizational adjustments to streamline teams, enhance the overall experience, and better serve customers worldwide. "While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business," the company said in a statement. "To address this, we're implementing organizational changes that align and consolidate certain teams to improve the end-to-end experience, and better meet the needs of our customers around the world."
eBay's financial troubles and legal issues
eBay recently agreed to pay a $3 million felony fine to a couple in Massachusetts on harassment and surveillance charges. The victims, Ina and David Steiner, were targeted for publishing a newsletter criticizing eBay's business practices. Frustrated by the negative coverage, seven employees, including senior executives, sent the couple online threats, conducted surveillance at their home, and mailed them live spiders, cockroaches, and a funeral wreath.
