eBay Lets Go 500 Employees To Counter Macro Uncertainties

  • eBay Inc EBAY decided to let go of 4% of its workforce or 500 employees as macroeconomic headwinds weighed on the business.
  • The move will offer additional space to invest and create new roles in high-potential areas like new technologies, customer innovations, and key markets and to continue to adapt and flex with the changing macro, e-commerce, and technology landscape
  • eBay also streamlined its structure to make more effective and speedier decisions.
  • Also Read: Alibaba's Pakistan E-Commerce Wing Daraz Joins Downsizing Bandwagon As Slowdown Hits
  • Various tech companies opted for downsizing to beat the double whammy of business slowdown and macro headwinds.
  • Recently, Zoom Video Communications, Inc ZM slashed 15% of its workforce, equivalent to 1,300 employees.
  • CEO Eric Yuan agreed to forego salary for the coming fiscal year by 98% and his FY23 corporate bonus. 
  • Price Action: EBAY shares closed higher by 0.38% at $50.17 on Tuesday.
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