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.