eBay to cut 2,400 jobs this quarter
Job cuts will be across the marketplace, payments and enterprise divisions
E-commerce company eEbay Inc has announced that it plans to cut its workforce by 7%, or 2,400 jobs, in the current quarter.
The announcement was made in eBay's fourth quarter earnings report, which had topped expectations on Wall Street.
According to Reuters, eBay said that the planned job cuts will be across the marketplace, payments and enterprise divisions. Restructuring and separation costs are expected to be between $210 million and $240 million in the first quarter and $350 million to $400 million for the entire year.
eBay said in a statement it wanted to refocus the businesses and ensure it was "set-up to compete and win".
The tech giant also said it has made an agreement with activist investor, Carl Icahn, to give investors a greater say in its PayPal business ahead of its plan to split this year.
PayPal agreed to adopt a number of measures proposed by Icahn, which he said enhance corporate governance at the fast-growing payments arm.
"As we have said many times in the past, we believe that if an offer is made for a company it should be the decision of the shareholders - not the board - to decide whether that offer is worth accepting," Icahn said in a statement posted on his website.