Pureplay online giant eBay is to axe 10 per cent of its workforce in an attempt to streamline the business.
New chief executive John Donahoe said that third quarter revenue was likely to come in at the low end of expectations, at approximately US$2.1 billion (£1.2bn).
Donahoe said about 1,000 staff would be affected by the job cuts, some of which will be achieved through natural attrition.
The changes will result in a one-off charge of approximately US$75 million (£43m) and will deliver annualised cost-savings of US$150 million (£86m), enabling eBay to compete more effectively in a tough economic environment.
The e-tailer also revealed it is buying two Danish online classified advertising sites and Bill Me Later, a transactional credit business, for US$1.3 billion (£750m).
No comments yet