EBay to lay off 10% of staff

Share this content:

E-commerce auction giant eBay Inc. has announced plans to cut its staff by 10%, laying off about 1,000 employees.

The firm has attributed the cutbacks to restructuring and streamlining — not to the weakening economy or poor expectations in e-commerce.

EBay expects the reduction to result in pretax restructuring charges of approximately $70 million to $80 million.

“While never an easy decision to make, these reductions will help improve our operations and strengthen our ability to continue investing in growth,” said John Donahoe, eBay's president and CEO.

As a part of this restructuring, eBay also has acquired two companies. EBay purchased Bill Me Later for approximately $820 million in cash and approximately $125 million in outstanding options.

It has also acquired Denmark's leading online classifieds site, dba.dk; and that company's vehicles site, bilbasen.dk; for approximately $390 million in cash.

The company expects to hit the low end of its third quarter 2008 revenue guidance and exceed GAAP and non-GAAP earnings per share guidance as issued in conjunction with its second quarter earnings release on July 16.

 

close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above