Over 70 tech companies have already made layoffs in 2024. Credit: JHVEPhoto/shutterstock

Both eBay and TikTok have announced layoffs, continuing the trend for tech companies pursuing greater efficiencies and cost cutting. 

In a statement, eBay confirmed that it would cut around 1000 employees across all parts of its business which equates to around nine percent of its total workforce. 

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The company also confirmed that it would be making cuts in the number of contractors in the coming months but did not specify an exact number. 

eBay’s CEO and president, Jamie Iannone, stated that the layoffs had been in response to the current macroeconomic environment to create more “nimble” and speedier teams. 

“Our overall headcount and expenses have outpaced the growth of our business,” Iannone wrote in an internal memo sent to employees on 23 January, “… In the months ahead, you will see a more focused, agile, and responsive eBay — one that is better positioned to advance our purpose of creating economic opportunity for all.” 

eBay recorded a profit of $1.3bn last quarter, which was acknowledged by Iannone as “solid results”. 

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Meanwhile TikTok has also announced the layoffs of 60 of its US employees in an effort to cut costs. The layoffs will only affect roles in sales and advertising.

According to data from layoffs.fyi, over 70 tech companies have already conducted mass layoffs in 2024 resulting in around 13,000 jobs lost. 

Strategic shifts, macroeconomic difficulties and the race to AI all continue to be major reasons behind these layoffs. 

Verdict’s round-up of the biggest tech layoffs made in 2023 can be found here.