E-COMMERCE firm eBay Inc said on Tuesday it will lay off 500 employees globally, representing 4 per cent of its total workforce.

Shares of the San Jose, California-based company rose about 1 per cent in aftermarket trade.

“This shift gives us additional space to invest and create new roles in high-potential areas – new technologies, customer innovations and key markets,” said Jamie Iannone, chief executive officer of Ebay in a message to employees.

A raft of US companies from Goldman Sachs Group to Alphabet have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates. REUTERS