Online retailer eBay is cutting 1,000 jobs. It's the latest tech company to reduce its workforce

Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce. CEO Jamie Iannone said in a message to employees on Tuesday that the company's number of employees and costs have exceeded how much the business is growing in a slowing economy. He also said eBay will reduce how many “contracts we have within our alternate workforce over the coming months.” It's the latest tech company to roll out a series of layoffs after quickly ramping up hiring during the COVID-19 pandemic when people spent more time and money online. Now, companies from Google to Amazon have been making painful job cuts to reduce costs and bolster their bottom lines.