eBay To Axe 9% Of Workforce As Shares Hit Record Highs Without A Ryan Cohen Takeover

eBay’s turnaround is gaining momentum without Ryan Cohen, with shares climbing to new highs as management pushes ahead with efforts to streamline operations.

A Reuters report on Wednesday said the online marketplace plans to cut about 9% of its workforce and redirect capital toward faster-growing businesses.

CONFIRMED - EBAY CUTTING OVER 1,000 EMPLOYEES eBay is cutting ~9% of its workforce (~1,100 people, to “simplify ops and prioritize growth areas.” This follows the ~800-job (~6%) cut in February. They’ve filed 664 H-1B petitions in the same period as these layoffs👀

— LayoffHedge (@LayoffAI) October 21, 2026

eBay confirmed the layoffs to the outlet earlier today. The cuts build on its earlier workforce reduction this year of about 6%, or 800 jobs, all part of an effort to streamline operations and cut costs.

Here's more from the report:

"Our strategy is working," Iannone said in the memo, adding that "continuing to capture the significant opportunity ahead requires us to make thoughtful choices about where we focus and invest."

He said affected staff would be informed in the coming days.

In early August, eBay reported its 2Q26 earnings, beating analyst expectations with $3.13 billion in revenue (up 15% year-over-year) and $1.60 in earnings per share against a consensus estimate of $1.50. The company is set to report 3Q26 earnings next Wednesday.

Analyst recommendations tracked by Bloomberg show mixed sentiment: there are 13 "Buy" ratings, 18 "Holds," and 2 "Sells." The analysts have an average 12-month price target of $118. 

Last week, eBay shares broke out to new record highs, extending an "up and to the right" trend that has been in place since late 2023, as Chartered Market Technician and Bloomberg Senior Strategist William Maloney wrote in a brief note.

It appears that eBay doesn't need GameStop CEO Ryan Cohen, who made an unsolicited $56 billion takeover bid in May, to continue its turnaround strategy. eBay rejected Cohen's offer, saying that it was "neither credible nor attractive."

Notably, Cohen's GameStop holds the second largest position in eBay. 

There was no mention in the report of whether AI chatbots were the result of the incoming layoffs.