E-commerce firm eBay Inc will lay off 500 employees globally, representing 4% of its total workforce.
The company decided to make cuts after examining the global macroeconomic environment over the past several months. He said the cuts will strengthen eBay’s ability to deliver better experiences for its customers, and it will help eBay focus on areas where it can make the most impact.
“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. Alphabet Inc. have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates.