EBay Lay off Job Cut: EBay Fires 1000 employees

The information technology or the tech domain is always vulnerable to the fallout in other sectors. Seems like the turmoil in the financial markets have taken a toll in Technology sector as well. It is reported that Online Auction site EBay has decided to lay off around 1000 workers.

This Ebay Job cut of around 1000 employees, is equvivalent to 10% reduction in the workforce. At the same time, it is reported that the EBay is going to make 3 acquisitions of an online payment business and online classified sites. Hence, it appears that the cost saved by the reduction in workforce is being used to purchase 3 additional companies, to boost the technology.

As per the news it is reported that the EBay layoff, which affects 1,000 jobs, "will help improve our operations and strengthen our ability to continue investing in growth," John Donahue, eBay Inc.'s president and CEO, told Wired.com.

Meanwhile, Donahue said Bill Me Later was acquired for $820 million to work in conjunction with eBay's payment service Pay Pal. The acquisition of Danish sites dba.dk and bilbasen.dk for $390 million will expand eBay's market in Europe.