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.