eBay cuts back its workforce after auction slowdown

The Italy News.Net
Monday 6th October, 2008

EBay will cut 10 per cent of its work force after a slowdown in its main web auctions business.

Shares of eBay have fallen by as much as 12 per cent, causing eBay to announce the job cuts and the intention to spend about $US1.3 billion to buy other online-classifieds companies.

eBay has purchased the Bill Me Later company, which offers consumers deferred payments and financing promotions, to hopefully improve its scope.

Chief executive John Donahoe said the company would also put resources into its auctions business and concentrate more on higher-growth areas like PayPal and classifieds.

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