eBay to slash 2,400 jobs

E-commerce giant eBay will slash 2,400 jobs – seven percent of its workforce – in the current quarter as it restructures and prepares to spin off its PayPal finance unit.

January 22, 2015

 


 


NEW YORK — E-commerce giant eBay will slash 2,400 jobs – seven percent of its workforce – in the current quarter as it restructures and prepares to spin off its PayPal finance unit, it said Wednesday. California-based eBay unveiled the move even as it announced its profit in the fourth quarter rose to $936 million on $4.9 billion in revenue. The job cuts will be across eBay's three divisions: Marketplaces, Enterprise and PayPal. The reorganization will return eBay to its roots with the "Marketplaces" division, which includes its auctions and online retail sales and accounted for nearly half its 2014 revenues. eBay announced plans last year to spin off PayPal amid pressure from activist shareholder Carl Icahn, and said the move would help the unit compete better in the fast-moving online payments segment. In a further move to refocus, eBay said it would likely also shed its Enterprise division, which creates online sites for traditional retailers, in a sale or public offering to create an independent company. – AFP


January 22, 2015
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