eBay to trim global workforce by 10%
World's largest online auction site says cuts will affect about 1,000 of its worldwide employees.
NEW YORK (CNNMoney.com) -- The world's largest auction Web site, eBay Inc., announced Monday that it will cut 10% of its global workforce, or about 1,000 employees, citing efforts to streamline its business.
The job cuts are expected to result in pretax restructuring charges of approximately $70 million to $80 million, with the charges predominantly recorded in the fourth quarter of 2008, eBay (EBAY, Fortune 500) said.
"While never an easy decision to make, these reductions will help improve our operations and strengthen our ability to continue investing in growth," John Donahoe, eBay's president and chief executive officer, said in a statement.
The company also said it expects to hit the low-end of its third-quarter revenue guidance and exceed its GAAP and non-GAAP earnings-per-share forecast.
Quarterly earnings from eBay are expected Oct. 15
CNN
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