Key facts
- EBay will lay off about 9% of its workforce.
- The company aims to simplify operations and focus on high-growth areas.
- EBay previously laid off 6% of its workforce in February.
- The company's shares have risen nearly 40% this year.
EBay is set to lay off approximately 9% of its global workforce as part of a strategic initiative to streamline operations and redirect resources toward its most rapidly expanding business areas, according to an internal memo from CEO Jamie Iannone reviewed by Reuters. The company confirmed the layoffs on Wednesday, following a similar workforce reduction of about 6% in February. EBay has differentiated itself by focusing on authenticated luxury goods, collectibles, and refurbished items, a strategy that has contributed to a nearly 40% rise in its shares this year, significantly outperforming the S&P 500's approximately 12% gain. The company also benefited from its $1.4 billion acquisition of fashion resale platform Depop, which has enhanced its appeal among younger consumers and bolstered its position in the re-commerce market. EBay is scheduled to report its latest earnings next week, having previously forecast third-quarter revenue above Wall Street estimates.