eBay to lay off 10pc of its workforce
Published: 07 Oct 2008 10:11 BST
eBay will lay off about 10 percent of its workforce, the company announced on Monday, and said third-quarter results will come in at the low end of expectations.
The company also announced plans to acquire online payments business Bill Me Later for $820m (£470m) in cash and approximately $125m in outstanding options, as well as Danish classifieds specialist Den Bla Avis and vehicle site BilBasen for approximately $390m in cash.
eBay said its workforce reduction, which cuts about 1,000 jobs, will result in a pretax restructuring charge of between $70m and $80m, which will be taken in the fourth quarter of 2008, eBay said. The online retailer will also let go of several hundred temporary workers and reduce the number of open positions.
The company, scheduled to report third-quarter results on 15 October, said on Monday that it expects to hit the low end of its revenue guidance, and exceed GAAP and non-GAAP earnings per share. eBay said in July that it expected net revenues of between $2.1bn and $2.15bn for the third quarter, with GAAP earnings per diluted share of between 30 cents and 32 cents per share, and non-GAAP earnings per diluted share of between 39 cents and 41 cents per share.
Credit: eBay to lay off 10pc of its workforce from CNET News
Did you find this article useful?
Digg
Slashdot
Del.ici.ous
Stumble
Reddit
