eBay to cut 1,100 employees, shift toward high-growth markets

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eBay plans to cut 9% of its workforce, or about 1,100 employees, to focus on high-growth markets; CEO Jamie Iannone announced the decision in an employee memo, and an eBay spokesperson confirmed the layoffs to Reuters. The latest round of layoffs follows a 6% cut affecting 800 employees in February, while the company’s stock has risen 40% this year. For the quarter ended June 30, eBay’s revenue grew 15% year over year to $3.13 billion, while GMV grew 15% year over year to $22.4 billion.