business news in context, analysis with attitude

• The Associated Press reports that eBay plans to lay off seven percent of its workforce, or some 2,400 people, saying that it wants to "simplify its structure and boost profit ahead of a planned separation of its business." That business is its PayPay division, which is expected to be spun off later this year.

According to the story, "The e-commerce company said the job cuts fall across its marketplaces, PayPal and enterprise businesses. The San Jose-based company announced plans Wednesday to spin off or sell the enterprise unit, which develops online shopping sites for brick-and-mortar retailers."
KC's View:
Here is a passage from the story that I found a little surprising ... "PayPal services $1 of every $6 spent online. It collects fees from more than 162 million users who send money to other users and pay for goods and services in more than 200 markets."

I knew PayPal was big, but I didn't realize it was that big.