EBay will cut about 1,000 jobs, or 9% of full-time employees

Iannone said the job cuts were necessary because eBay's “total headcount and expenses have outpaced the growth of our business.”

“To address this issue, we are implementing organizational changes that align and unify specific teams to improve the overall experience and better meet the needs of our customers around the world,” Iannone said. “We will soon begin notifying staff whose roles have been abolished and entering into a consultation process in areas where this is required.”

After deep job cuts last year, technology companies continued to cut jobs in January as concerns persist about consumer and business spending. Amazon, Alphabet and Unity confirmed the cuts this month, and SAP said on Tuesday it aims to implement voluntary buyouts or enable job changes for 8,000 employees as part of its 2024 restructuring programme.

Regarding the eBay sale, Iannone said he wants employees to work from home on January 24 to “provide some space and privacy for these conversations.”

“These changes are difficult, but I am confident that by working together we will become stronger than ever,” Iannone said. “The coming months will see eBay more focused, agile and responsive – better positioned to advance our goal of creating economic opportunity for all.”

EBay shares fell about 4% in November after the company provided fourth-quarter revenue guidance that lagged Wall Street estimates. During a call with analysts, Iannone said eBay “noted softening consumer trends so far in the fourth quarter, and particular challenges in Europe, suggesting we may see a more subdued seasonal uptick over the holidays.”

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He added, “Inflationary pressures and high interest rates continue to weigh on consumer confidence and pressure demand for discretionary goods.”

Earlier in January, eBay said it would pay a $3 million criminal fine as part of a settlement related to a campaign of online stalking and harassment by a group of former employees.

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