EBay to cut jobs
7th October 2008 2:41 pm
Internet auction & retail site EBay (NASDAQ: EBAY) has announced that it will be cutting 10% of it’s staff as it looks to streamline it’s costs after a difficult 3rd quarter of 2008.
The company announced the cut as it admitted it’s revenue would be at the low end of of their expectations (Between $2.1 and $2.15 billion).
John Donahoe, eBay’s chief executive said “While never an easy decision to make, these reductions will help improve our operations and strengthen our ability to continue investing in growth,”. A spokesperson for EBay’s uk operation has admitted that jobs there are at risk.
Conversely EBay’s profits have exceded expectations and the company has also announced the $820 million aquisiton of Bill Me Later an online service that allows users to defer payment on goods.
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