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Wednesday, 03 December 2008

Online firm eBay to cut 1,000 jobs

7/10/2008 7:00:00 AM.  | AAP
Online auction firm eBay Inc says it will cut about 1,000 employees, reducing its work force by about 10 per cent.

The company also says it will get rid of several hundred temporary workers and reduce open positions.

It says the reductions are intended to streamline its organisation.

The company says it expects restructuring charges of about $US70 million ($A90 million) to $US80 million ($A105 million), mostly in the fourth quarter.

It also says it will buy online payments business Bill Me Later for $US820 million ($A1.07 billion) in cash and $US125 million ($A163 million) in outstanding options. Additionally, eBay is buying Danish classifieds site dba.dk and vehicles site bilbasen.dk for $US390 million ($A509 million) in cash.

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