eBay Inc. to lay off 500 employees in order to cut costs and improve efficiency

eBay Inc. announced plans to lay off 500 employees in order to cut costs and improve efficiency. This move is expected to affect 4% of their total workforce, with job losses occurring globally. Following the announcement of layoffs, the company’s stock rose nearly 1% in aftermarket trading.

“This move allows us extra room to invest and create new positions in high-potential areas – new technology, consumer improvements, and critical markets,” said eBay CEO Jamie Iannone in a note to employees. The IT job crisis is worsening as more companies announce layoffs. In recent weeks, a number of companies, including Microsoft, Meta, Amazon, and Google, have announced layoffs as many workers face uncertainty.