EBay to axe 10% of global workforce

EBay is planning to cut 10% of its global workforce as part of a major cost-cutting measure. The online auction business is looking to save $150m (£85m) a year to combat declining sales.

The company wide restructure, which will see around 1,000 axed, is believed to be part of the chief executive, John Donahoe’s efforts to sharpen both its operations and strategic focus.

It is not yet clear where or when the job cuts will take effect, with management discussions currently underway.

Three months ago, eBay recorded its slowest sales growth since it went public a decade ago.

The job cuts come despite eBay’s announcement that it plans to acquire two Danish classified ad websites for $1.3bn (£650m). It recently acquired US payment service Bill Me Later for $945m (£545m).

EBay has also announced the $390m (£225m) cash acquisition of Denmark’s leading classified advertising site, dba.dk, and vehicles site, bilbasen.dk. They will join its existing portfolio which includes the eBay auction website, PayPal and Skype.

Earlier this year, eBay set up a UK call-centre service to provide assistance to its frequent user base.

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