18 Jul, 2018FORTUNE.COM
eBay is cutting hundreds of employees, the company has confirmed.
In a notice to the California Employment Development Department, eBay said that it plans to slash nearly 300 jobs from Bay Area locations by July 20. The company, which called the cuts a “mass layoff,” said that it informed those being laid off at the end of June, according to The Mercury News, which obtained a copy of the notice. The layoffs will span eBay’s locations in San Jose, San Francisco, and Brisbane, according to the report. The San Jose office has been affected most by the layoffs, with 224 of the cuts coming to that location.
The online auction site’s decision comes after eBay has been experiencing some problems in its business. While the company’s revenue was up to $9.6 billion last year from $9 billion in the prior year, it took a loss of $1 billion. In the first quarter of this year, eBay’s profits slipped 60.7% year over year to $407 million.
The site finds itself in an increasingly difficult online marketplace dominated by Amazon and Walmart. And while its online auctions are still a desirable place for people to buy products, the market is proving exceedingly challenging.
The company did not immediately respond to a Fortune request for comment on the layoffs.