Ebay to cut 10 per cent of jobs

Posted on 6 Oct 2008 at 15:40

Ebay plans to slash 10 per cent of its workforce, blaming the cuts on low expected revenues. However, the online auctioneer plans to spend £742 million buying companies to boost its performance.

According to eBay, the job cuts will affect around 1,000 full time employees and several hundred temporary workers. The company is slashing jobs because although its revenue continues to increase, the rate at which it is increasing is slowing down.

However, eBay is set to splash out £540 million on the Bill Me Later payment service, which it will combine with its PayPal unit.

The company is also spending a total of £224 million on buying Danish online classifieds businesses Den Bla Avis and BilBasen.

Author: Dawinderpal Sahota

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