eBay has announced to lay off around 500 workers, about 4 percent of its staff globally, citing the macroeconomic situation.

Jamie Iannone, CEO of eBay, announced the layoffs on Tuesday in a note to staff that was also filed with the US Securities and Exchange Commission (SEC).

Iannone said that actions taken are designed to strengthen the company’s ability to deliver better end-to-end experiences for its customers and to support more innovation and scale across the platform.

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“This shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations, and key markets — and to continue to adapt and flex with the changing macro, e-commerce, and technology landscape. We’re also simplifying our structure to make decisions more effectively and with more speed,” he said in the note.

He further added that the move will allow eBay to focus on “where we can make the biggest impact”, including expanding the company’s categories of focus.

Meanwhile, video communication app Zoom is also laying off about 1,300 people, or 15 percent of its workforce, its CEO Eric Yuan has announced.

Yuan also said that he is reducing his salary for the coming fiscal year by 98 percent and foregoing his FY23 corporate bonus.

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