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To fight the economic downturn, the Internet company eBay, at one end is cutting down its workforce and at the other end is making acquisitions to enhance penetration.
Lately, eBay announced to reduce its workforce by 10 percent. In numbers, eBay will shed around 16,000 workers, including 1,000 permanent employees. At the other side, it will pay $1.35 billion to acquire the Web payment firm Bill Me Later and the Danish classified advertising companies Den Bla Avis and BilBasen.
Most of the layoffs will be done in its core marketplace division, which has suffered from declining single-digit growth rates.
Meanwhile, the company is doubling down on its niche divisions like online payments. Also, the company expects good revenues from PayPal, its 2002 acquired entity.
EBay is paying $920 million in cash for Bill Me Later.
Shares of eBay fell along with the overall market, dropping $1.05, or 5.5 percent, to $17.89.
eBay has also announced that it has plans to acquire Danish classified advertising site DBA for $390 million. Satinder Kaur/ITVoir Network |
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