Online marketplace eBay on Tuesday said that it would cut just shy of 10 per cent of its global workforce as it looks to reduce costs.

In a letter sent to staff, eBay chief executive officer Jamie Iannone confirmed that about 1,000 roles would be cut.

He wrote: “While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business. To address this, we're implementing organisational changes that align and consolidate certain teams to improve the end-to-end experience, and better meet the needs of our customers around the world."

The company will also scale back the number of contracts within its alternative workforce, the memo added.

The company had previously forecast that its revenue and profit for the current quarter would fall far below Wall Street estimates, with Iannone at the time pointing to “softening consumer trends” and “particular challenges in Europe”.

This is the second time in 12 months that eBay has cut jobs. Last February, the company announced plans to lay off around 500 staff globally, which represented around 4 per cent of its total workforce.

eBay is one of numerous US tech players that have been cutting jobs following a hiring push during the height of the Covid-19 pandemic, with the likes of Amazon and Google also making cuts in recent months.

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