eBay shares are up 1.59% from the previous close. The company plans to cut about 9% of its workforce to simplify operations and shift resources to fast-growing areas.
The stock traded at $123.12 during the Wednesday session, marking a new high for the past 251 sessions. Prices fluctuated between $119.21 and $123.22 since the market opened at 04:00 UTC. Over the prior five days, the shares moved within a range of $115.79 to $124.59.
CEO Jamie Iannone told staff the cuts aim to simplify operations. A spokesperson confirmed the layoffs on Wednesday. The company previously let go of 800 employees in February to streamline operations.
The broader S&P 500 index advanced 0.52% to 7,752.82. eBay has outperformed the benchmark this year with a gain of nearly 40%, driven by its expansion into authenticated luxury goods and refurbished products.
The company benefited from its $1.4 billion deal for Depop, which expanded reach among younger consumers. Iannone said continuing to capture opportunity requires thoughtful choices on focus and investment. eBay is slated to report latest earnings next week.
The US Unemployment Claims report is due for release on Thursday at 12:30 UTC. US Manufacturing, Services, and Composite PMI figures are scheduled for publication on Friday at 13:45 UTC.
Sources: Yahoo Finance quotes, ForTraders economic calendar.
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