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EBay to cut 2,400 jobs in 2015 as it spins off PayPal
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January 21, 2015 1:44 PM
Ruth Reader
Within its quarterly earnings statement today, eBay said it would be making
major job cuts in order to simplify “organizational structures.”
The company said it would eliminate up to 2,400 employees. It reported
quarterly revenue of $4.9 billion and GAAP earnings per share of $0.75.
While eBay’s stock closed a little under its opening share price at $53.38,
it’s up over 2 percent in after-hours trading.
In December, rumors suggested that the company would be making major job
cuts, and these appear to be true. In its quarterly statement, the company
says:
“During the first quarter, we plan to reduce our workforce globally by
approximately 2,400 positions which represents about 7% of our total
workforce across eBay Marketplaces, PayPal, and eBay Enterprise. We will
also be exploring strategic options for eBay Enterprise, including a sale or
IPO. Enterprise is a strong business and a leading partner for large
retailers, managing mission critical components of their e-commerce
initiatives. However, it has become clear that it has limited synergies with
either business and a separation will allow both to focus exclusively on
their core markets, as we create two independent world-class companies.”
Last year the auction site announced it would spin off PayPal into its own
company, forcing eBay to refine its business model. In addition to job, cuts
the company also launched a $2 billion stock repurchasing program this
month.
It’s obvious eBay is hoping to satisfy investors while it figures out the
next move for its marketplace products — especially considering CEO John
Donahoe called eBay’s fourth quarter performance “disappointing.” To do
that, eBay is considering a full or partial sale, or IPO, for eBay
Enterprise, Donahoe explained during the earnings call.
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