EBay’s Stock Tumbles 10% One Day After Announcing Mass Layoffs

One day after disclosing nearly 300 layoffs in the Bay Area, investors punished the e-commerce pioneer by stripping 10% away from its market value.

On Wednesday, eBay notified California’s Employment Development Department of what it termed “mass layoffs,” slashing nearly 300 jobs from Bay Area locations by July 20. Many of those workers were notified late last month that they were losing their jobs.

Later in the day, eBay reported second-quarter earnings. While its net profit of 64...

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