eBay to shed 2,400 jobs ahead of PayPal IPO

New York

E-COMMERCE giant eBay will slash 2,400 jobs - seven per cent of its workforce - in the current quarter as it restructures and prepares to spin off its PayPal finance unit, it said on Wednesday.

California-based eBay unveiled the move even as it announced its profit in the fourth quarter rose 10 per cent to US$936 million on revenues of US$4.9 billion. The job cuts will be across three divisions: Marketplaces, Enterprise and PayPal.