Are People Thinking About Moving On From eBay?

Shares of eBay Inc (NASDAQ: EBAY) jumped at Thursdya's market open on news that the company has finally set in motion the plan to split off its payment processing subsidiary, PayPal, in the near future. However, this split will come at the cost of thousands of eBay employing losing their jobs.

John Quain, New York Times contributor, was recently on CNBC to discuss the proposed split and thousands of employees being laid off as a result of that.

On the jobs cut, Quain said, "It probably depends on how well does eBay does during this holiday season. I don't expect them to be that severe in a way, I mean, 10 percent sounds like a lot, but the economy is picking up. eBay has a new iPad app, it's trying to make the site look more attractive for shoppers this holiday season and maybe a lot hinges on that, but at least it's a balloon that's out there, maybe people are thinking about moving on from eBay."

According to Quain there are a lot many websites out there now that can give eBay a run for its money.

"There's a lot more competition out there from the old days when you could just sort of stick a website up there and a couple of photographs you took in your den of some products -- you got to make it look a lot more attractive. The major move is of course people going mobile, more and more sales are mobile, people are buying cars on their smartphone. So, there's got to be a bigger push to get eBay into that space," he said.