In announcing job cuts, eBay did not specify where the affected employees are based (such as at eBay's San Jose, Calif., campus, pictured), only saying that affected employees are employed globally. Photo courtesy eBay
Feb. 7 (UPI) -- Ebay is planning to layoff approximately 500 employees over the next 24 hours, the company confirmed Tuesday.
In a filing with the Securities and Exchange Commission, the California-based online marketplace blamed the current economic climate for the pending job cuts.
"Over the past few months, we've taken a thoughtful look at where we are as a company with considerations of the macroeconomic situation around the world and how to best invest and operate so that we can continue to be successful," the company said in the filing by CEO Jamie Iannone.
"To create long-term, sustainable growth for eBay, we need to evolve our organization as we take the next step in our strategy -- focused on driving growth, building a trusted marketplace, empowering enthusiasts and seeding new technologies for the future."
The company did not specify where the affected employees are based, only saying that they are located globally.
"As a result of these considerations and our future-forward plans, I have some hard news to share. Over the next 24 hours, we'll be letting approximately 500 employees globally know that their jobs will be eliminated," Iannone wrote.
The figure represents about 4% of the company's total employee base.
"Importantly, this shift gives us additional space to invest and create new roles in high-potential areas - new technologies, customer innovations and key markets -- and to continue to adapt and flex with the changing macro, e-commerce and technology landscape. We're also simplifying our structure to make decisions more effectively and with more speed," the company said in the filing.