News

eBay to Fire Over 500 Employees in Latest Tech Layoffs

Amounting to almost 4% of the e-commerce company, the 500 employee layoff gives eBay additional space to invest and create new roles in high-potential areas

eBay, a big name in the US E-commerce sector, announced that it will be laying off around 500 of its employees globally. These 500 employees amount to almost 4% of the company’s total workforce.

This move adds eBay into the long list of tech based companies that fired their employees between 2022 and 2023. The list includes major companies from a variety of tech industries such as Dell, Meta, Google and even Spotify.

Most tech companies taking part in the layoffs followed a similar trajectory of massive user and share price growth in the pandemic followed by a sharp decline towards the end of 2022.

eBay also noticed something similar, share prices touched an all time high of $80.59 in 2021 but plummeted down to half the price in 2022.

Announcing a layoff provided some relief to the plummeting share prices as they rose about 1% after the announcement.

CEO Jamie Iannone in his message to eBay employees said that “This shift gives us additional space to invest and create new roles in high-potential areas – new technologies, customer innovations and key markets.”

Read more:

Pakistan Railway set to Launch Booking and Schedule App

Sponsored
Abdullah Shahid

Leave a Comment
Share
Published by
Abdullah Shahid

Recent Posts

Microsoft Launches AI-Powered “Support Virtual Agent” for Xbox Users

Microsoft has launched its AI-powered “Support Virtual Agent” chatbot for Xbox Insiders in the U.S.,…

4 hours ago

Musk Says Tesla Won’t Enter Smartphone Market Unless Necessary

Android Authority recently polled its users to find out if they would purchase a Tesla…

5 hours ago

Sukkur IBA Sets Seven Conditions for Conducting MDCAT

The Secretary of the Sukkur IBA Testing Agency has formally requested urgent action from the…

5 hours ago

PSEB Opens Bidding for Nationwide e-Rozgar Centers

The Pakistan Software Export Board (PSEB) has launched a nationwide program to encourage IT startups…

6 hours ago

Google Play Services Bug Disrupts Access to Apps for Pixel Users: Here’s How to Fix It

A significant issue with Google Play Services has left many Pixel users unable to access…

6 hours ago

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

6 hours ago