Ebay Cuts 10% Of Global Workforce, Acquires 3 Online Businesses

October 7, 2008 5:53 a.m. EST

San Jose, CA (AHN) - Online auction and shopping website firm eBay Inc. announced Monday a 10 percent cutback in its global workforce and acquisition of an online payment business and online classified sites.

The layoff, which affects 1,000 jobs, "will help improve our operations and strengthen our ability to continue investing in growth," John Donahue, eBay Inc.'s president and CEO, told Wired.com.

Meanwhile, Donahue said Bill Me Later was acquired for $820 million to work in conjunction with eBay's payment service Pay Pal. The acquisition of Danish sites dba.dk and bilbasen.dk for $390 million will expand eBay's market in Europe.