eBay to cut 9% of workforce in latest restructuring

• eBay (NASDAQ:EBAY) plans to lay off approximately 9% of its workforce as it simplifies operations and redirects resources toward faster-growing businesses.
• The announcement follows a February workforce reduction of approximately 800 employees, or 6% of staff.
• eBay is prioritizing luxury goods, collectibles, refurbished products and its Depop resale business, while preparing to release third-quarter financial results next week.

eBay (NASDAQ:EBAY) plans to lay off approximately 9% of its workforce as the online marketplace restructures operations and redirects investment toward faster-growing businesses.

The latest reductions follow February's elimination of approximately 800 positions, representing 6% of employees, as the company continues efforts to simplify its organization.

“Our strategy is working,” Chief Executive Officer Jamie Iannone said in an internal memo reviewed by Reuters, adding that the company must prioritize investment opportunities.

Affected employees will be informed in the coming days, according to the memo, while an eBay spokesperson confirmed the workforce reductions to Reuters.

The company has focused on authenticated luxury goods, collectibles and refurbished products, helping its shares gain nearly 40% this year compared with approximately 12% for the S&P 500.

eBay has also expanded its resale business through a $1.4 billion deal involving fashion marketplace Depop, strengthening its position among younger consumers.

The restructuring comes ahead of eBay's third-quarter earnings announcement next week, after the company previously forecast revenue above analysts' expectations.