According to a filing with the SEC, eBay on Tuesday disclosed plans to eliminate 500 jobs or about 4% of its staff. Shares of eBay were up slightly in extended trading Tuesday.
CEO Jamie Iannone explained in a note to staff that the company made the decision to make cuts after considering the macroeconomic climate throughout the world over the last few months.
More Tech Companies Conduct Mass Layoff
He claimed that by making the cuts, eBay will be better able to provide better customer experiences and be able to concentrate on areas where it can have the biggest impact.
With Zoom also announcing intentions to lay off roughly 1,300 employees on Tuesday, the company’s layoff announcement represents the most recent round of job layoffs in the tech sector.
Google confirmed plans to fire more than 12,000 employees in January. Microsoft published plans to lay off 10,000 staff members. Salesforce disclosed plans to fire 7,000 staff members. We’ll be informing 500 employees worldwide that their positions will be cut during the next 24 hours.
According to reports, the San Jose-based technology startup has been filling open positions in its non-fungible token (NFT) marketplace KnownOrigin.
4% of the e-commerce company’s global staff will be affected by the layoffs. When the company releases its Q4 2022 numbers later this month, analysts generally anticipate a revenue decline of approximately 6%.
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eBay Starting High Roles For NFT
In the meantime, eBay has lately begun hiring for positions at KnownOrigin, its NFT marketplace startup. In June, eBay fully purchased KnownOrigin, a website where artists and collectors can create, purchase, and sell NFTs.
According to a recent job posting on LinkedIn, eBay was looking for a crypto counsel who would monitor legislative and policy changes pertaining to the blockchain, in addition to performing other duties involving strategic and legal advice.
For its Web3 division, the corporation is also searching for non-legal positions, such as head of community and marketing executive.
The upgraded World Wide Web that makes use of blockchain technologies, NFTs, and cryptocurrencies are referred to as “Web3.”
Along with eBay, Zoom also disclosed job cuts on Tuesday. The video conferencing business announced it would lay off 1,300 workers, or 15% of its workforce.
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