Last updated on April 25, 2015
Ebay has confirmed reports that began circulating last month that they will be eliminating 2,400 jobs worldwide.
The plans to cut come ahead of their restructuring, pending the company’s spin-off of PayPal, eBay’s business unit for online retail shopping. They intend to turn PayPal into a publicly-traded company.
The layoffs and restructuring seem to be influenced by the recently patched up alliance with Carl Icahn, eBay’s largest shareholder.
Ebay announced its fourth-quarter revenue of $4.9 billion, up from $4.5 billion during the same time last year. Fourth-quarter profits were also up by 10 percent to $936 million, while full-year revenues rose 12 percent from %16.1 billion in 2013 to $17.9 billion in 2014.
Ebay’s PayPal showed the most growth, generating $2.2 billion in the fourth quarter, resulting in an 18 percent year-over-year gain. The full-year revenue for PayPal was $7.9 billion, an increase of 19 percent.