eBay To Cut THOUSANDS Of Jobs, May Split Into Three Companies
eBay continues to struggle in a world dominated by Amazon and Google search. According to this Silicon Valley report 2,400 layoffs are right around the corner.
In developments that raise intriguing questions about the future of eBay as it prepares to spin off PayPal, the e-commerce behemoth announced Wednesday that its breakup will mean 2,400 layoffs, or 7 percent of its workforce, and that it may calve a third company in the process.
The announcements came on the same day the company announced quarterly earnings that met Wall Street’s expectations, but its forecasts for the current quarter missed what analysts who follow the company had been anticipating. After investors took in all the day’s news they goosed eBay shares up 2.6 percent in after-hours trading.
On top of that, CEO John Donahoe spent a lot of time during a call with analysts talking about how much the company had struggled to bounce back from a cyberattack in May that forced all users to reset their passwords. The core auction site that eBay runs has not recovered, Donahoe said, adding that the company has also been hammered by changes in search engines that have led fewer shoppers to eBay.
“eBay’s loyal customers are back,” Donohoe said, “but our more occasional customers have not returned.”
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