iannone

E-commerce company eBay said today that it plans to let go of 1,000 employees or around 9% of its workforce due to the ongoing economic conditions. The company said in a blog post that it also plans to cut contract roles in the coming months. The company’s CEO Jamie Iannone admitted that the company hired fast, but it didn’t grow enough to justify the headcount. In Q3 2023, eBay registered $2.5 billion in revenue and $1.3 billion in profits. The company also earned $2.2 billion by selling its equity in online ad business Adevinta to Permira and Blackstone last year.