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LONDON (AP) — Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce, saying its number of employees and costs have exceeded how much the business is growing in a slowing economy. It marks the latest layoffs in the tech industry. Political Cartoons View All 253 ImagesSan Jose, California-based eBay is the latest tech company to roll out a series of layoffs after quickly ramping up hiring during the COVID-19 pandemic while people spent more time and money online. Meanwhile, Amazon said this month that it is cutting several hundred jobs in its Prime Video and MGM Studios unit. Other tech companies, including Spotify, Microsoft, Meta and IBM, also have recently cut jobs.

Persons: Jamie Iannone, Iannone, ”, TikTok, Amazon, ” Iannone Organizations: —, eBay Inc, eBay, Google, Riot Games, “ League, MGM Studios, Spotify, Microsoft, Meta, IBM, Justice Department Locations: Jose , California, Massachusetts

A bunch of companies in the technology sector have been laying off some of their employees recently after quickly ramping up hiring during the COVID-19 pandemic while people spent more time and money online. Now, many of them are making job cuts to help lower costs and bolster their bottom lines. Here's some of the companies that have laid of employees of late:GoogleGoogle said it was laying off hundreds of employees working on its hardware, voice assistance and engineering teams. The company, which is owned by Chinese technology giant Tencent, said 530 jobs were being eliminated, accounting for about 11% of its headcount. AmazonTwitch, which is owned by Amazon, is cutting more than 500 jobs in a bid to save on costs.

Persons: TikTok TikTok, Dan Clancy, Bob Carrigan Organizations: Google Google, Google, Riot Games, “ League, Games, eBay, eBay Inc, Amazon, Amazon’s, MGM Studios, Spotify Locations: Los Angeles , California, Beijing

☆ eBay must pay $3 million after its employees sent live spiders and cockroaches to a couple as part of a harassment campaign
▼ + stars: | 2024-01-11 | by ( Associated Press | ) www.businessinsider.com time to read: +6 min

eBay has agreed to pay a $3 million fine after its employees waged a harassment campaign against a Massachusetts couple. The employees sent live spiders, cockroaches, and a bloody pig mask to the couple. AdvertisementOnline retailer eBay Inc. will pay a $3 million fine to resolve criminal charges over a harassment campaign waged by employees who sent live spiders, cockroaches and other disturbing items to the home of a Massachusetts couple, according to court papers filed Thursday. The couple produced an online newsletter called EcommerceBytes that upset eBay executives with its coverage. Wenig, who stepped down as CEO in 2019, was not criminally charged in the case and has denied having any knowledge of the harassment campaign or ever telling anyone to do anything illegal.

Persons: —, David, Ina Steiner, Josh Levy, Devin Wenig, Wenig, James Baugh, Baugh, David Harville, Harville Organizations: eBay, Service, eBay Inc, Justice Department, EBay, Associated Press, Communist Party of Locations: Massachusetts, California, United States, Boston, Wenig

Vacuum maker Dyson has in recent years tied up with eBay UK to sell officially refurbished products at a hefty discount to the price of new ones. Some 23% of consumers globally say they are buying more second-hand products, according to the EY Future Consumer Index, a survey of 22,000 consumers published earlier this month. "I found a waistcoat for my dad in a charity shop in Peckham the other day – I saw it and I thought I have to get it, he's going to love it," Baker said as she browsed in a Crisis charity shop in Camberwell, south-east London. In the fourth quarter of last year, sales in UK charity shops grew by 8.6% compared the previous year, according to the Charity Retail Association. Lesley Wright, a volunteer at an Oxfam shop in Brighton, England, is gearing up for her "busiest-ever" holiday season.

Persons: Eve Williams, Dyson, Lorna Fallon, Lucy Baker, Baker, Lesley Wright, Wright, Richa Naidu, Helen Reid, Matt Scuffham, Elaine Hardcastle Organizations: eBay Inc, Oxfam, Apple, eBay, Dyson, Regent, Sustainability, Charity Retail Association, Reuters, Thomson Locations: British, London, Peckham, Camberwell, Brighton , England

The eBay app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsCompanies eBay Inc FollowNEW YORK, Sept 27 (Reuters) - The U.S. government on Wednesday sued eBay (EBAY.O), accusing the online platform of violating the Clean Air Act and other environmental laws by allowing the sale of several harmful products, including devices that defeat automobile pollution controls. EBay was also accused of allowing the sale of at least 23,000 unregistered, misbranded or restricted-use pesticides, violating a 2020 "stop sale" order from the U.S. Environmental Protection Agency. "EBay has the power, the authority, and the resources to stop the sale of these illegal, harmful products on its website," the complaint said. "Indeed, eBay is blocking and removing more than 99.9% of the listings for the products cited by the DOJ, including millions of listings each year."

Persons: Dado Ruvic, Jonathan Stempel, Sharon Singleton, Bill Berkro Organizations: eBay, REUTERS, U.S, Wednesday, EBay, The, Justice, U.S . Environmental Protection Agency, DOJ, Thomson Locations: Brooklyn , New York, U.S, San Jose , California, New York

☆ Elon Musk’s chaotic Twitter rebrand got the site blocked in Indonesia where X.com was once linked with porn or gambling, says report
▼ + stars: | 2023-07-26 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Elon Musk has rebranded Twitter as 'X,' using a new domain — X.com. This has caused issues in Indonesia, where users are unable to access X.com, per Al Jazeera. Elon Musk announced on Sunday that the domain X.com, which he previously used for PayPal, had started redirecting users to Twitter. The ministry told Al Jazeera that the X.com domain had previously been used by websites that did not adhere to the country's regulations against "negative" content. Aribowo Sasmito, the cofounder of MAFINDO, a fact-checking group, told Al Jazeera that he believes the website was blocked because it sounded like "XXX," a porn site.

Persons: Elon, Al Jazeera, Elon Musk, Al, Priyandita, Sasmito, X.com, Musk, Peter Thiel's Confinity, Insider's Pete Syme, Usman Kansong, Kansong, Jack Dorsey Organizations: Twitter, Service, PayPal, Indonesia's Ministry of Communication, Informatics, Australian Strategic Policy Institute, eBay, eBay Inc Locations: Indonesia, Al Jazeera, Wall, Silicon

A person familiar with the matter said he was Rajaratnam, who was sentenced in 2011 to 11 years in prison and was released early in 2019. Starting in 2018, Tidwell began receiving undisclosed benefits from Rajaratnam and a close friend and business associate of Rajaratnam, according to charging papers and the person familiar with the matter. Later, after Rajaratnam was released from prison, Tidwell in 2020 received a $50,000 loan from the onetime inmate's friend to buy a house. Prosecutors said he lied on a bank loan application about the source of that money. Reporting by Nate Raymond in Boston; Editing by David Bario and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Raj Rajaratnam, William Tidwell, Rajaratnam, Prosecutors, Goldman Sachs, Tidwell, Samidh Guha, Rajaratnam's, Brad Bailey, Nate Raymond, David Bario, Chris Reese Organizations: eBay, Galleon Group, Federal Medical Center Devens, Google, Thomson Locations: BOSTON, Massachusetts, Boston, Ayer , Massachusetts, York

☆ Twitter's new X.com domain is redirecting some users, including cofounder Jack Dorsey, to a GoDaddy ad
▼ + stars: | 2023-07-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Elon Musk said Sunday that X.com had started redirecting users to Twitter. The website was previously used for PayPal before Musk bought back the domain in 2017. Elon Musk's rebranding of Twitter to X has already suffered its first glitch, as users report the x.com website doesn't work properly. The world's richest person announced Sunday that the domain, which Musk previously used for PayPal, had started redirecting users to Twitter. Some Twitter users said they encountered other glitches with the new domain, like the server IP being unsecure or not located, and even a file being downloaded.

Persons: Elon Musk, X.com, Musk, Elon, Brian Merchant, Ryan Mac, Jack Dorsey, Christopher Stanley, Dorsey, Dorsey doesn't, x.com didn't, Peter Thiel's Confinity Organizations: Twitter, PayPal, Morning, Elon Musk's, Los Angeles Times, New York Times, eBay, eBay Inc

☆ Warren Buffett's rival for attention at Berkshire weekend: Squishmallows
▼ + stars: | 2023-05-08 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

[1/2] Investors and guests walk by a Squishmallow display during the Berkshire Hathaway Inc in Omaha, Nebraska, U.S. May 5, 2023. On Friday, the start of Berkshire Hathaway Inc's (BRKa.N) three-day shareholder weekend, thousands thronged a convention hall in downtown Omaha, Nebraska, for five hours to buy discounted products from many Berkshire-owned brands. For many, the $9.99 Squishmallows featuring Buffett and Munger, made by Berkshire's recently acquired toy company Jazwares, were the must-have memento. About 10,000 Buffett and Munger Squishmallows were sold, and by Monday they were fetching as much as $255 at auction on eBay. Reporting by Jonathan Stempel in Omaha, Nebraska Editing by Megan Davies and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Futures rise on Meta forecast ahead of key earnings, economic data
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.26%, S&P 0.42%, Nasdaq 0.70%April 27 (Reuters) - U.S. stock index futures rose on Thursday as an upbeat forecast from Meta Platforms lifted social media stocks, with investors looking forward to big-ticket earnings and key economic data. Shares of social media platforms Snap Inc (SNAP.N) and Pinterest Inc (PINS.N) rose 3.4% and 2.8%, respectively. Meta is the second best performer among the S&P 500 stocks with a 74% gain so far this year, next only to Nvidia Corp (NVDA.O). Analysts expect first-quarter earnings to have fallen 3.2% year-over-year for S&P 500 (.SPX) companies versus a 5.1% decline forecast earlier, according to Refinitiv data on Wednesday. ET, Dow e-minis were up 88 points, or 0.26%, S&P 500 e-minis were up 17.25 points, or 0.42%, and Nasdaq 100 e-minis were up 90.25 points, or 0.7%.

☆ EBay forecasts upbeat revenue as sneakers, refurbished items drive growth
▼ + stars: | 2023-04-26 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

The upbeat results soothed investor sentiment, which was hit after eBay earlier this year said that demand weakness will persist in the first half of 2023. EBay is expanding listings under refurbished electronics, luxury bags and watches, and the collectibles category. San Jose, California-based eBay now expects June-quarter revenue in the range $2.47 billion to $2.54 billion, higher than analysts' projection of $2.43 billion, according to Refinitiv. Revenue in the most recent March quarter grew 1% to $2.51 billion, also beating analysts' estimate of $2.48 billion. EBay's shares have gained 4.6% so far this year, compared with a 13.3% rise in the tech-heavy Nasdaq index (.IXIC).

☆ EBay forecasts quarterly revenue above estimates
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Ecommerce firm eBay Inc (EBAY.O) forecast second-quarter revenue above Wall Street estimates on Wednesday, on hopes that it would attract shoppers to its refurbished as well luxury offerings as inflation cools. EBay expects revenue in the range $2.47 billion to $2.54 billion for the quarter ending June. Analysts on average were expecting $2.43 billion, according to Refinitiv. Revenue in the most recent March quarter grew 1% to $2.51 billion, also beating analysts' estimate of $2.48 billion, according to Refinitiv. Reporting by Yuvraj Malik in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

"Meta's discovery gluttony confirms its request of eBay is not worthy of the burden Meta seeks to impose," eBay's lawyers told the California court. EBay's Quinn Emanuel attorneys derided Meta as a "litigant that has completely disregarded the bounds of reason and proportionality" in seeking information from third parties. A representative from eBay and its attorneys at Quinn Emanuel did not immediately respond to requests for comment. Lawyers for eBay contend the company doesn't compete with Meta on social networking but does face off over the Facebook Marketplace e-commerce service. The case is Federal Trade Commission v. Meta Platforms Inc, U.S. District Court, Northern District of California, No.

☆ Sellers on eBay are trying to auction off Silicon Valley Bank-branded merch, including a cardboard box for $201 and a wine cooler for $42
▼ + stars: | 2023-03-13 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Items featuring the Silicon Valley Bank logo were put up for auction on eBay over the weekend. They include a cardboard box for $201 and a wine tumbler for $42, per the listings. The items listed on eBay included a blue cardboard box with SVB's logo displayed on the front, which was priced at $201 at time of publication. It was listed on eBay on Saturday and the site showed there were five days left until the auction for the box closed. The seller said in the description they were "two pieces of genuine Silicon Valley Bank corporate swag."

☆ Wall St set for higher open as Nvidia outweighs Fed jitters
▼ + stars: | 2023-02-23 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

Futures cut some gains after data showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week. "Markets are tracking the earnings reports overnight from Nvidia," said Robert Pavlik, senior portfolio manager at Dakota Wealth. ET, Dow e-minis were up 39 points, or 0.12%, S&P 500 e-minis were up 15 points, or 0.38%, and Nasdaq 100 e-minis were up 106.25 points, or 0.88%. Analysts polled by Reuters predict a correction within the next three months even though they expect the S&P 500 (.SPX) to climb 5% by year-end. Moderna Inc (MRNA.O) fell 4.4% after the vaccine maker reaffirmed its annual sales forecast of $5 billion for its COVID-19 vaccines despite its fourth-quarter sales exceeding estimates.

☆ EBay forecasts first-quarter revenue above estimates
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Ecommerce company EBay Inc (EBAY.O) on Wednesday forecast first-quarter revenue above Wall Street estimates on hopes that cost-conscious shoppers would be attracted towards its used and refurbished product category in the face of a looming recession. Shares of the San Jose, California- based company rose nearly 2% in trading after the bell. The company forecast current-quarter revenue between $2.46 billion and $2.50 billion. However, gross merchandise volume (GMV), a widely watched figure for the e-commerce industry's performance, fell 12% to $18.2 billion in the fourth quarter. EBay posted revenue of $2.51 billion for the quarter ended Dec. 31, compared with analysts' estimate of $2.47 billion, according to Refinitiv IBES data.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Ebay to lay off 500 employees
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Feb 7 (Reuters) - E-commerce firm eBay Inc (EBAY.O) said on Tuesday it will lay off 500 employees globally, representing 4% of its total workforce. Shares of the San Jose, California-based company rose about 1% in aftermarket trade. "This shift gives us additional space to invest and create new roles in high-potential areas - new technologies, customer innovations and key markets," said Jamie Iannone, Chief Executive Officer of Ebay in a message to employees. A raft of U.S. companies from Goldman Sachs Group Inc (GS.N) to Alphabet Inc (GOOGL.O) have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates. Reporting by Chavi Mehta and Shreyaa Narayanan in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Under Armour names Marriott veteran Linnartz as CEO to boost e-commerce
▼ + stars: | 2022-12-21 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

[1/2] Stephanie Linnartz, President of Marriott International speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. REUTERS/Mike BlakeDec 21 (Reuters) - Under Armour Inc (UAA.N) on Wednesday named veteran hotelier Stephanie Linnartz as its chief executive, betting that her experience in e-commerce and branding strategy will help revive sales at the apparel maker. Linnartz currently serves as president of Marriott International Inc (MAR.O) and has been with the hotel chain operator in various roles for the last 25 years. Interim CEO Colin Browne will resume his responsibilities as chief operating officer, Under Armour said in a statement. Linnartz will receive a base salary of $1.3 million per year and a one-time sign-on cash bonus of $375,000.

☆ With Debt Coming Due, Investment-Grade Companies Are Paying Up, Too
▼ + stars: | 2022-12-01 | by ( Nina Trentmann | ) www.wsj.com time to read: +7 min

What’s more, volatile markets have resulted in fewer opportunities for companies to sell their debt. Investment-grade U.S. companies have between $550 billion and $750 billion coming due per year from 2023 through 2027, according to Goldman Sachs Group Inc., with about $59 billion left to pay off or refinance in 2022. Of the $615.54 billion, $504.31 billion were new issuances, compared to $111.23 billion in refinancings, Dealogic said. But investor demand for bonds has been stronger in recent days, leading Amazon.com Inc. and others with near-term debt coming due to the market. Among the businesses that recently took out bond debt at a higher cost is retail giant Walmart Inc.

☆ EBay's focus on luxury to refurbished goods drives results beat
▼ + stars: | 2022-11-02 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

[1/2] The eBay logo is pictured on a phone screen in this photo illustration in New York, U.S., July 23, 2019. REUTERS/Brendan McDermid/IllustrationNov 2 (Reuters) - EBay Inc's (EBAY.O) quarterly results beat Wall Street targets on Wednesday as inflation-wary shoppers snapped up refurbished goods and the ecommerce platform reaped the benefits of expanding its luxury offerings. The company still forecast holiday-quarter revenue slightly below estimates, but investors looked past that to drive up its shares nearly 8% in extended trading. The energy crisis has pushed up demand for home energy products in Germany though, they said, due to rising utility prices and uncertainty around energy availability. The midpoint of eBay's holiday-quarter revenue forecast of $2.42 billion to $2.50 billion came in slightly below analysts' expectations of $2.49 billion, according to Refinitiv data.

☆ EBay beats third-quarter revenue estimates, shares rise
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The eBay logo is pictured on a phone screen in this photo illustration in New York, U.S., July 23, 2019. REUTERS/Brendan McDermid/IllustrationNov 2 (Reuters) - Ecommerce company eBay Inc (EBAY.O) on Wednesday beat Wall Street targets for third-quarter revenue as consumers snapped up luxury souvenirs and quirky gifts on its platform. Ebay forecast fourth-quarter revenue between $2.42 billion and $2.50 billion, with the midpoint coming in below analysts' estimates of $2.49 billion, according to Refinitiv data. The company projected adjusted profit between $1.03 and $1.09 per share for the key holiday quarter, compared with expectations of $1.06 per share. For the third quarter, the company said revenue fell 5% to $2.4 billion, surpassing estimates of $2.32 billion.

☆ Here's how the Fed's rate hike can move markets and whether to expect a central bank pivot
▼ + stars: | 2022-11-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

That bank thinks the Fed is going to skirt any talk of a pivot, and opt for continued rate hikes albeit at a slower pace. Goldman Sachs listed three reasons the Fed will carry on with rate hikes:US inflation will remain "sticky" so a pivot won't be justified. Keeping rate hikes going until March 2023 will set up the central bank for a future pivot. US stock futures rise early Wednesday, as eyes turn toward the Fed's rate hike decision later today. Here's what you want to know about the 1920 rule that's still moving markets more than a century later.

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