SAN JOSE, California --- EBay Inc. said Monday it will cut about 1,000 employees, reducing its work force by about 10 percent.
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The online auction site also said it will get rid of several hundred temporary workers and reduce open positions.
EBay said the reductions would streamline its organization. The company said it expects restructuring charges of about $70 million to $80 million, mostly in the fourth quarter.
EBay also said its third-quarter earnings would be higher than it predicted in July, although revenue will be at the low end of its expectation. It is scheduled to announce third-quarter results on Oct. 15.
On July 16 eBay said it expected third-quarter earnings between 30 cents and 32 cents per share, and revenue between $2.1 billion and $2.15 billion.
EBay also said it will buy online payments business Bill Me Later for $820 million in cash and $125 million in outstanding options. The company also said it will buy Danish classifieds site dba.dk and vehicles site bilbasen.dk for $390 million in cash.
Copyright 2008 The Associated Press.
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I've slowed down on Ebay buying because I just received a refund from an online crook that they suspended 3 months ago. What was weird is that the guy was rated at 1500 and 99 percent positive. All of the sudden he chose me as one of the people he would scam. He only gave the refund when Ebay temporarily closed him down. I will however NEVER again use paypal. Its a scam. I lost money that I never recovered. I did get a class action settlement letter stating that I may get some funds back in that matter. But it wont happen for a year or two. I found that sticking to good old Dakil is much safer. Ebay is doomed to fail as it cannot assure security. I've already switched to Craigs list. I see a day when Ebay comes to a crashing halt. I will not miss it.
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Leave a comment. Log in below or sign up (it's free).Editor's note: It is not our intent to offer comments on crime or fatality stories.