Layoff wave: E-commerce giant eBay to layoff 500 employees, 4% of total workforce

E-commerce giant eBay has announced to lay off around 500 workers, about 4 per cent of its staff globally, citing the macroeconomic situation.

The layoffs were revealed by eBay CEO Jamie Iannone on Tuesday in a memo to staff that was also submitted to the US Securities and Exchange Commission (SEC).

According to Iannone, the company is taking steps to improve its capacity to provide better end-to-end consumer experiences and to support more innovation and growth throughout the platform.

What CEO Jamie Iannone said

"This shift gives us additional space to invest and create new roles in high-potential areas, new technologies, customer innovations and key markets, and to continue to adapt and flex with the changing macro, e-commerce and technology landscape. We're also simplifying our structure to make decisions more effectively and with more speed," he said in the note.

He further added that the move will allow eBay to focus on "where we can make the biggest impact", including expanding the company's categories of focus.

According to CEO Eric Yuan, the video communication app Zoom is also letting off roughly 1,300 employees, or 15% of its workforce.

Yuan also said that he will forego his FY23 corporate bonus and reduce his income for the upcoming fiscal year by 98%.