EBay said Tuesday that it plans to lay off 9% of the company's workforce, equal to about 1,000 full-time jobs, as the tech industry continues to downsize to start 2024.
Iannone said the job cuts are necessary because eBay's "overall headcount and expenses have outpaced the growth of our business."
Following hefty job cuts last year, tech companies have continued to eliminate positions in January as concerns about consumer and business spending persist.
Regarding eBay's cuts, Iannone said he wants employees to work from home on Jan. 24, "to provide some space and privacy for these conversations."
EBay shares dropped about 4% in November after the company provided fourth-quarter revenue guidance that trailed Wall Street estimates.
Persons:
Jamie Iannone, Iannone, Jim Cramer
Organizations:
EBay, SAP, eBay, Wall
Locations:
downsize, Europe