eBay to cut 2,400 positions in this quarter

Online retailer eBay said it plans to cut about 2,400 positions, or 7 per cent of its workforce across eBay marketplaces, PayPal, and eBay enterprise in the current quarter to simplify its organisational structure.

The company also said it will explore strategic options for eBay enterprise, including a sale or an IPO.

eBay’s net income rose to $936 million, or 75 cents per share, in the fourth quarter of last year, from $850 million, or 65 cents per share, a year earlier.

Revenue rose to $4.92 billion from $4.53 billion, boosted by its PayPal payments unit and higher holiday sales.

eBay said in September it would spin off PayPal this year, freeing the unit from the slower-growing traditional e-commerce business to allow it to strike deals in the rapidly evolving payments space. – (Reuters)