EBAY has fired 300 Employees..... WOW! Stock is down 9%

[vermonttractorpartsllc]

http://fortune.com/2018/07/18/ebay-bay-area-layoffs/

[castlemagicmemories]

From June 27, 2018, Ecommercebytes:

https://www.ecommercebytes.com/C/blog/blog.pl?%2Fpl%2F2018%2F6%2F1530151954.html

International layoffs

[the*dog*ate*my*tablecloth]

It's a layoff not a firing. Firing usually implies for cause.

[siayan]

If eBay is going to accept payments and control the money in the future  I put it as a BUY

[myjunqueyourtreasure]

Semantics. The results for the employees are the same.

If you want to use exact terminology, they've been terminated.

Laid off implies a temporary cessation of employment.

[skatefool]

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@the*dog*ate*my*tablecloth wrote:

It's a layoff not a firing. Firing usually implies for cause.

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Other than that, Mrs. Lincoln - how was the play?  

[kathieskorner]

The stock is down because StubHub had very poor revenue in the second quarter causing eBay to miss street estimates.  Job cuts generally result in an increase in stock price not a decrease.  

[nobody*s_perfect]

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@skatefool wrote:

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@the*dog*ate*my*tablecloth wrote:

It's a layoff not a firing. Firing usually implies for cause.

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Other than that, Mrs. Lincoln - how was the play?  

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The diference has significant implications not only for future employment but for short-term income: If you're let go with cause, you can't collect umemployment payments. There might even be a severance  package.

[divwido]

Not all of those were at eBay in CA  and so what?  Just weed whacking through the borderline employees.

[tunicaslot]

Things are down for Ebay - they are making cuts because profits were down. The layoffs look to be permanent. That being said - they aren't going anyplace. They'll just reconsolidate.

https://www.youtube.com/watch?v=JlgqAFXcuZA

[awishingwell]

more? geez

[wamegun]

But they are hiring alot in other locations. I have seen job postings for US based CSRs. The bay area is quite expensive to operate out of and California contractor/employee rules aren't favorable to them. 

[lawnmowerpartsstore2]

Interesting......

[twnpopcards]

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@kathieskorner wrote:

The stock is down because StubHub had very poor revenue in the second quarter causing eBay to miss street estimates.  Job cuts generally result in an increase in stock price not a decrease.  

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You are correct and the stock ended at over 10% down.  I wonder just how bad things would have been had they not had the layoffs/terminations whatever you want to call it.  They do not plan on bringing any of them back so calling it a layoff allows the employees to collect unemployment immediately, so lets go with that as that will cause EBays unemployment rate to go up next year on each California employee until they catch up with all that gets paid out.

If they had not had the layoffs the stock might have actually dropped 15%.  But now those employees can hopefully find a good career with a company that values their employees as well as ALL their customers.

[twnpopcards]

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@divwido wrote:

Not all of those were at eBay in CA  and so what?  Just weed whacking through the borderline employees.

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Yes all 300 were in CA and were already planned since they notified the EDD beforehand and if you can believe Ebay the employees have know since the end of June.  Nice of Ebay to keep employees working who know they are being let go to potentially sabotage things further than their offshore progammers have.  It may be the new way to do business but I have never heard of a company keeping employees around after telling them they were going to lose their jobs.  Just give them their severance packages and let them get on with their lives and have more time to find a new job while the economy is sill good, well at least for most companies it is.