eBay Inc (NASDAQ:EBAY, ETR:EBA) will cut around 1,000 jobs, constituting about 9% of its workforce.
"While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business," Jamie Iannone, CEO of the reselling site, said in a letter to employees.
"To address this, we're implementing organizational changes that align and consolidate certain teams to improve the end-to-end experience, and better meet the needs of our customers around the world.”
Other major tech players like Amazon and Google have also opted to reduce their workforces after hiring large amounts of staff during the pandemic.
eBay also plans to scale back its alternative workforce contracts in the coming months, aiming to enhance operational efficiency and bolster long-term financial stability.
Last year, the US company slashed around 4% of its total workforce, around 500 employees globally.
Shares in eBay are up close to 3% at US$41.41 in premarket trading.