eBay to Cut 9% of Workforce

eBay plans to cut about 1,000 jobs, or 9% of its workforce, as CEO Jamie Iannone moves to redirect resources toward the company's fastest-growing businesses. Reuters reports: The company had 12,300 employees at the end of last year. It also let go about 6% of its workforce, or 800 employees, in February as part of efforts to streamline operations. EBay has set itself apart from rivals by pushing into authenticated luxury goods, collectibles and refurbished products, which draw enthusiasts willing to pay more for valuable items. That has helped its shares rise nearly 40% this year, outperforming the benchmark S&P 500's around 12% gain.

"Our strategy is working," Iannone said in the memo, adding that "continuing to capture the significant opportunity ahead requires us to make thoughtful choices about where we focus and invest." He said affected staff would be informed in the coming days.

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