Ebay on Tuesday announced plans to cut 500 jobs, or about 4% of its workforce, according to a filing with the SEC.

Shares of eBay were up slightly in extended trading Tuesday.

In a memo to employees, CEO Jamie Iannone said the company decided to make cuts after examining the global macroeconomic environment over the past several months. He said the cuts will strengthen eBay’s ability to deliver better experiences for its customers, and it will help eBay focus on areas where it can make the most impact.

“Importantly, this shift gives us additional space to invest and create new roles in high-potential areas — new technologies, customer innovations and key markets — and to continue to adapt and flex with the changing macro, ecommerce and technology landscape,” Iannone wrote in the release.

He said affected employees will be informed over the next 24 hours.

The company’s layoff announcement marks the latest round of job cuts in the tech industry, as Zoom also announced plans to cut around 1,300 jobs Tuesday. In January, Google revealed plans to lay off more than 12,000 workers, Microsoft disclosed plans to cut 10,000 employees and Salesforce announced plans to lay off 7,000 workers.