Ebay to lay off more than 200 workers

Credit: DaytonDailyNews

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Credit: DaytonDailyNews

Ebay will permanently lay off 274 workers, according to plans filed with the State of California Employment Development Department.

While Ebay reported a 9 percent increase in revenue this quarter, the business also saw a rise in operating expenses. GAAP operating margin in the quarter fell to 15.4 percent, compared to 19.8 percent for the same period last year, and non-GAAP operating margin fell to 25.2 percent, compared to 26.4 percent for the year-ago period, according to a company press release.

The company also announced its intent to sell its holdings in Flipkart, which will represent gross proceeds of approximately $1.1 billion. Following the close of the transaction, eBay will end its current strategic relationship with Flipkart.

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