E-commerce giant eBay to lay off 500 employees

San Francisco (IANS) E-commerce giant eBay has announced the layoff of around 500 employees, or approximately 4% of its global workforce, citing the macroeconomic situation.

eBay’s CEO Jamie Iannone made the announcement of the layoffs on Tuesday in a memo to employees that was also submitted to the US Securities and Exchange Commission (SEC).

Iannone stated that the steps taken are intended to improve the business’s capacity to provide better end-to-end client experiences and to support more innovation and scalability across the platform.

“This change provides us more room to invest in, develop new positions and keep up with the evolving macro, e-commerce, and technological landscapes in high-potential sectors including new technologies, customer innovations, and key markets. Additionally, we are streamlining our organization to enable quicker and more efficient decision-making “In the note, he said.

He continued by saying that the change would enable eBay to concentrate on “where we can make the largest impact,” including broadening the company’s emphasis areas.

Meanwhile, video communication app Zoom is also laying off about 1,300 people, or 15 percent of its workforce, its CEO Eric Yuan has announced.

Yuan also stated that he will be cutting his salary by 98% for the upcoming fiscal year and foregoing his FY23 corporate bonus.