eBay Lets Go 500 Employees To Counter Macro Uncertainties

eBay Inc EBAY decided to let go of 4% of its workforce or 500 employees as macroeconomic headwinds weighed on the business.
The move will offer additional space to invest and create new roles in high-potential areas like new technologies, customer innovations, and key markets and to continue to adapt and flex with the changing macro, e-commerce, and technology landscape.
eBay also streamlined its structure to make more effective and speedier decisions.
Also Read: Alibaba's Pakistan E-Commerce Wing Daraz Joins Downsizing Bandwagon As Slowdown Hits
Various tech companies opted for downsizing to beat the double whammy of business slowdown and macro headwinds.
Recently, Zoom Video Communications, Inc ZM slashed 15% of its workforce, equivalent to 1,300 employees.
CEO Eric Yuan agreed to forego salary for the coming fiscal year by 98% and his FY23 corporate bonus.
Price Action: EBAY shares closed higher by 0.38% at $50.17 on Tuesday.