by Corinne
23. January 2009 10:00
Auction website eBay has seen profits and sales tumble for the first time. Profits in the final three months of 2008 plunged 31 per cent to £264million, while revenues in its “Marketplaces” business dropped 16 per cent.
The firm is blaming lower consumer spending due to the recession, along with the strength of the US dollar, with chief executive John Donahoe admitting: “We’re not happy.”
Microsoft is also suffering from the recession, and will be cutting 5,000 jobs due to the sharp downturn in technology spending among companies hit by the global economic slump.