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Online marketplace eBay Inc. plans to cut about 4% of its staff in the latest bout of layoffs for the e-commerce sector.
Chief Executive Jamie Iannone announced the layoffs, which will impact about 500 eBay
EBAY,
employees, in a Tuesday note to staff that was also filed with the Securities and Exchange Commission after the closing bell.
The move will allow eBay to focus on “where we can make the biggest impact,” including expanding the company’s categories of focus.
“Importantly, this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, e-commerce and technology landscape,” he said in the note. “We’re also simplifying our structure to make decisions more effectively and with more speed.”
EBay’s announcement comes as other companies in the e-commerce environment have moved to cut jobs recently. PayPal Holdings Inc.
PYPL,
announced its own layoffs, impacting about 7% of staff, a week ago. Fellow e-commerce players Shopify Inc.
SHOP,
Stripe, and Amazon.com Inc.
AMZN,
also made jobs cuts in recent months.
The layoff wave extends beyond e-commerce, as companies big and small, particularly within the technology sector, have sought to trim their workforces after going on sharp hiring sprees during the pandemic. Many executives have cited a need to align staffing with the new economic reality. In addition, Wall Street is more focused on expense discipline in this climate.
Read: More than 95,000 tech-sector employees have lost their jobs since the start of 2023
Iannone said that eBay’s decision reflects “considerations of the macroeconomic situation around the world and how to best invest and operate so that we can continue to be successful.”
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