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Oct 6 2008
11:06AM
EDT
Ebay's Mass Layoffs and Shopping Spree
Andrea Chalupa writes: As anticipated, eBay let go of 10% of its workforce--1,000 employees, along with hundreds of temporary workers.
The mass layoffs will impact eBay's fourth quarter with a $70 to $80 million pretax restructuring charge.
The ailing online auctioneer is also expanding. Today the company announced plans to acquire the Amazon-funded online payment business BillMeLater for $820 million in cash and roughly $125 million in outstanding options. It also plans to purchase Danish classified company Den Bla Avis (DBA) for $390 million in cash.
Ebay has been suffering from a dip of buyers and sellers as more online shoppers move to fixed-price systems.
The company is set to announce third-quarter results on October 15 and warns to expect revenue to be on the lower end of original projections. Ebay's stock is down around 6 percent so far today, holding steady at a 52-week low.
The mass layoffs will impact eBay's fourth quarter with a $70 to $80 million pretax restructuring charge.
The ailing online auctioneer is also expanding. Today the company announced plans to acquire the Amazon-funded online payment business BillMeLater for $820 million in cash and roughly $125 million in outstanding options. It also plans to purchase Danish classified company Den Bla Avis (DBA) for $390 million in cash.
Ebay has been suffering from a dip of buyers and sellers as more online shoppers move to fixed-price systems.
The company is set to announce third-quarter results on October 15 and warns to expect revenue to be on the lower end of original projections. Ebay's stock is down around 6 percent so far today, holding steady at a 52-week low.
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