eBay To Lay Off 10% Staff
By Zul • Oct 15th, 2008 • Category: All Around The World •
Online auction giant eBay cutting off workforce and lay off staff.
With recession in the near horizon, companies are in the rush to shrink their organization size, reduce operating cost and are seen busy retrenching people.
The online auction giant, eBay (eBay.com), is not spared.
After seeing the company’s third quarter revenues for the year 2008 hitting another low, it decided to lay off 10% of its staff, most of them based in their United States operation. With the move, more than 1,000 eBay employees are expected to lose their jobs in the next coming few months.
Both permanent, contract and temporary workers will be affected by the lay-off decision.
While the size of the workforce is to undergo a reduction, eBay is still aggressively pursuing its acquisition exercises and is expected to buy a number of online payment service providers, in addition to PayPal which it took over more than 5 years ago for over a billion dollars, together with a few online classified portals. Such acquisitions will include Bill Me Later (to be integrated with PayPal), Den Bla Avis and BilBasen involving multi-billion deals.
eBay was created in California, United States by an Iranian programmer, Pierre Omidyar who sold a broken printer as the very first product through the website. It went for public listing after three years, and made Omidyar an overnight billionaire.
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