eBay to Cut 9% of Staff as GameStop Bid Remains Unclear
The job cuts mark eBay’s second round this year and come as the status of GameStop’s takeover proposal remains uncertain.
Key takeaways
- eBay announced cuts affecting about 9% of its workforce.
- The layoffs are eBay’s second round this year, after about 800 cuts in February.
- GameStop’s $125-per-share proposal was nonbinding, and its current status is unclear.
eBay will cut about 9% of its workforce, the company said, as it seeks to simplify operations and focus resources on its strategic priorities. The move is its second round of layoffs this year.
In February, eBay announced it would eliminate about 800 jobs, roughly 6% of its workforce at the time. The company has not disclosed how many positions are affected in the latest cuts.
The announcement comes amid uncertainty over GameStop’s nonbinding proposal to buy eBay. GameStop offered $125 a share, half in cash and half in GameStop stock, and held about 9.8% of eBay as of July, according to a filing cited by finanzen.net.
As of 14:54 UTC Wednesday, eBay shares traded at $122.42, up 1.01% from the previous close. The company’s next quarterly report is expected on October 28, according to finanzen.net’s calendar.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
