eBay Plans 9% Workforce Cut to Streamline Operations

In an internal memo, eBay CEO Jamie Iannone told staff the company will cut about 9% of its workforce, roughly 1,100 jobs. An eBay spokesperson confirmed the layoffs to Reuters. Iannone wrote, "Our strategy is working," and said continuing to "capture the significant opportunity ahead" requires "thoughtful choices about where we focus and invest." Focus areas named are authenticated luxury goods, collectibles and refurbished products. The cuts follow an 800-person, or 6%, reduction in February. Company shares have gained nearly 40% this year, against about 12% for the S&P 500. eBay's $1.4 billion acquisition of Depop widened its reach among younger shoppers, and in August it forecast third-quarter revenue above Wall Street estimates. It is due to report latest earnings next week. In May, eBay rejected GameStop CEO Ryan Cohen's unsolicited $56 billion takeover bid as "neither credible nor attractive." CONTESTED: No outlet-level dispute appears on the 9% figure, the job count, or the memo language.