By Sam Boughedda
eBay (NASDAQ:EBAY) has become the latest tech company to announce layoffs, telling employees on Tuesday that it will let go of around 500 workers.
The number represents approximately 4% of the e-commerce company's total workforce.
eBay's Chief Executive, Jamie Iannone, said in a message to employees that the company took the decision to strengthen its ability to deliver better end-to-end experiences for its customers and to support more innovation and scale across its platform.
"This shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape," said Iannone.
eBay shares are currently down around 0.3% so far premarket, despite a 1% rise earlier. However, the stock has gained more than 19% so far this year.