EBay goes on $1.3bn spree but axes 10% of workforce

The online auction house eBay has announced plans to cut more than 1,000 jobs, or 10% of its global workforce, as it looks to save $150m (£85m) a year in the face of slowing sales, the latest evidence that gloom in the world economy is starting to hit major dotcom companies.But the company also shocked Wall Street by announcing it was spending $1.3bn on acquisitions – including $945m on Bill Me Later, which lets US shoppers make purchases online or by phone without the need for a credit card – to bolster its PayPal payments operation.
http://www.guardian.co.uk/business/2008/oct/07/ebay.technologyEBay Trims Its Work Force and Makes Acquisitions
The Internet company eBay is both tightening its belt and expanding its reach in preparation for the coming economic storm.On Monday, eBay announced it would lay off 10 percent of its 16,000 workers, including 1,000 permanent employees, and pay $1.35 billion to acquire the Web payment firm Bill Me Later and the Danish classified advertising companies Den Bla Avis and BilBasen.
http://nytimes.com/2008/10/07/technology/07ebay.htmlEBay to cut 10% of staff worldwide
EBay, the online auction website, said today that it was cutting 10 per cent of its global workforce in response to slowing growth in its internet sales and was buying an online payment service.The layoffs will affect 1,000 employees and several hundred temporary workers worldwide. There are around 100 eBay employees in the UK. An eBay UK spokesman said that “some people’s roles are at risk of redundancy” but could not say how many jobs or which departments are most at risk.

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