eBay To Slash 7% Of Workforce

Times are hard all over the world, with natural disasters, aircraft crashes, an unstable economy – making the world eke out a living, hand to mouth. Hence, job security is another thing that many of us would like to have, but the tech industry seems to be a more volatile one as opposed to, say, working in the government. Online retail giant eBay will be letting go of 2,400 people – which would make up 7% of their workforce in the existing quarter as it goes through a restructuring exercise while making plans to spin off its PayPal finance unit.

This announcement was made in conjunction with seeing its profit in the fourth quarter rise to touch $936 million, running on the back of a revenue of $4.9 billion. The job cuts will affect three divisions of eBay – Marketplaces, Enterprise and PayPal.

Such a reorganization exercise will see eBay return to its roots with the “Marketplaces” division, where it will also comprise of auctions and online retail sales, which make up close to half of its revenues last year.

eBay mentioned, “We will be simplifying organizational structures to focus the businesses and ensure that we are set up to compete and win.” Playing it safe, eh? Good luck to those who will be let go – hopefully you will be able to find another job soon.

Edwin Kee
Categories: General
Tags: ebay