EBay to Cut 9% of Staff to Streamline Operations, Reuters Says

(Bloomberg) -- EBay Inc. will eliminate 9% of its workforce in an effort to streamline operations and prioritize its best-performing units, Reuters reported, marking the company's second round of job cuts this year.

"As we work to capture the significant opportunity ahead, this step was taken to ensure we continue to operate from a position of strength by aligning our teams and resources with our top strategic priorities," an eBay spokesperson said in an emailed statement.

Shares of eBay initially plunged on the news before markets opened in New York, but recovered to little changed.

The latest reductions follow a round of job cuts in February, when eBay said it would eliminate around 800 jobs, amounting to 6% of its staff at the time. The company also enacted cuts in early 2023 and early 2024.

Earlier this year, eBay acquired secondhand fashion marketplace Depop, a deal that's expected to help eBay compete with Lithuanian upstart Vinted, which is expanding in the US. In August, eBay said the Depop deal was $200 million more than initially announced, which could weigh on earnings in the third quarter.

The company is set to report third-quarter financial results on Oct. 28.