eBay Inc. plans to lay off 1,000 employees, accounting for 9% of the workforce, in a restructuring effort to reduce costs and boost long-term growth.

CEO Jamie Iannone recognizes that the company's growth has not justified its headcount and expenses, leading to the need for layoffs.

The layoffs are necessary to streamline operations, reduce expenses, and enhance the customer experience.

Despite competition, eBay's stock slightly increased after the layoff announcement.

The decision is consistent with previous job cuts and trends seen among other tech companies.

eBay's goal is to become more focused and responsive, promising support for impacted employees during the transition.