E-commerce giant eBay (EBAY) has announced plans to eliminate 9% of its workforce, or about 1,000 full-time employees, as it seeks to control costs and lower expenses in 2024.
In a social media post, eBay chief executive officer (CEO) Jamie Iannone said that the company will also “scale back the number of contracts we have” in coming months.
Iannone said the job cuts are necessary because eBay’s expenses have outpaced the company’s growth in recent years.
eBay is not the only technology company to announce job cuts to start the new year. Amazon (AMZN) and Alphabet (GOOG/GOOGL) have each announced layoffs in recent weeks.
Last fall, eBay issued fourth-quarter revenue guidance for the holiday sales period that fell short of Wall Street estimates, causing its stock to drop.
Earlier in January, the company agreed to pay a $3 million U.S. criminal penalty as part of a settlement related to a harassment campaign carried out by some of its former employees.
eBay’s stock has fallen 11% over the last 12 months to trade at $41.41 U.S. per share.