Online marketplace eBay has let go of 1,000 employees, amounting to about 9% of its workforce, despite posting a profit of $1.3 billion in the last quarter. This decision comes in the wake of a broader trend in the tech industry, where companies like Amazon, Wayfair, Duolingo, YouTube, and Google are also cutting jobs.

eBay’s CEO, Jamie Iannone, mentioned that these layoffs are aimed at positioning the company for long-term, sustainable growth, acknowledging the significant impact on affected employees. Alongside the job cuts, eBay is reducing its dependence on external contractors.

To provide some privacy for those affected, the company asked all U.S. employees to work from home on January 24th. This is eBay’s second round of layoffs in the past year, following a reduction of 500 workers in February 2023.

While Iannone noted progress in eBay’s strategy, he mentioned that expenses have outpaced revenue growth. This move aligns with the broader trend of tech companies tightening budgets and cutting costs due to economic pressures.