Online retailer eBay has made the decision to lay off 1,000 employees, an estimated 9 percent of the company's workforce.

In a note sent to employees, Jamie Iannone, President and CEO of eBay, shared the news, writing about the decision in an effort "to better position eBay for long-term, sustainable growth." Iannone wrote that the layoffs are the "most significant and toughest of these decisions."

"These are not actions we take lightly — and we recognize the impact they will have on all eBayers," said Iannone. "We have to say goodbye to people who have made so many important contributions to the eBay community and culture, and this isn’t easy." He added that while the company is "making progress" against its strategy, their headcount and expenses "have outpaced" the growth of its business.

The layoffs come despite the company reporting a profit of $1.3 billion last quarter. In November, Iannone described the profits as "another quarter of solid results."

The company has requested all U.S. employees to work from home today, January 24th, in order to "provide some space and privacy" for the employees being told their roles are being eliminated. Alongside the job cuts, eBay also announced that they are scaling back on outside contractors.

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eBay previously cut 500 workers in February 2023.

So far, 2024 has seen a number of layoffs across tech firms, including Amazon, Wayfair, Duolingo, YouTube, and Google. According to layoffs.fyi, a website tracking job cuts in the tech sector, over 13,000 workers have been laid off within the first few weeks of this year.