off-the-wire

UPDATE 1-Ebay to lay off 500 employees

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds details) Feb 7 (Reuters) - E-commerce firm eBay Inc said on Tuesday it will lay off 500 employees globally, representing 4% of its total workforce. Shares of the San Jose, California-based company rose about 1% in aftermarket trade.


"This shift gives us additional space to invest and create new roles in high-potential areas - new technologies, customer innovations and key markets," said Jamie Iannone, Chief Executive Officer of Ebay in a message to employees.


A raft of U.S. companies from Goldman Sachs Group Inc to Alphabet Inc have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates. (Reporting by Chavi Mehta and Shreyaa Narayanan in Bengaluru; Editing by Krishna Chandra Eluri)

Shreyaa.Narayanan@thomsonreuters.com))
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