Ebay on Tuesday announced plans to cut 500 jobs, or about 4% of its workforce, according to an SEC filing.

Shares of eBay were up slightly in extended trading on Tuesday.

In a memo to employees, CEO Jamie Iannone said the company decided to make the cuts after examining the global macroeconomic situation over the past few months. He said the cuts will strengthen eBay’s ability to provide a better experience for its customers, and it will help eBay focus on areas where it can make the biggest impact.

eBay headquarters in San Jose, California, USA on Monday, August 9, 2021.

David Paul Morris | Bloomberg | Getty Images

“Importantly, this shift gives us additional space to invest and create new roles in high-potential areas—new technologies, customer innovation and key markets—and to continue to adapt and flexibly respond to the changing landscape of macro, e-commerce and technologies,” Ianon wrote. in issue.

He said affected employees would be informed within the next 24 hours.

The company’s layoff announcement marks the latest round of job cuts in the tech industry as scaling also announced plans to cut about 1,300 jobs on Tuesday. In January, Google announced plans to lay off more than 12,000 employees, Microsoft announced plans to lay off 10,000 employees, and Salesforce announced plans to lay off 7,000 employees.

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