E-commerce giant eBay plans on laying off 1,000 employees, or roughly 9 percent of its workforce. It will also cut back on the use of contractors.

“Our strategy is the right one, but there is more we can do to ensure our success,” Company president and CEO Jamie Iannone wrote in a memo to employees, as reprinted by The Verge. “We need to better organize our teams for speed—allowing us to be more nimble, bring like-work together, and help us make decisions more quickly.”

As with other tech companies over the past year, eBay has blamed the cuts on overly enthusiastic hiring and a weak economy. “Despite facing external pressures, like the challenging macroeconomic environment, we know we can be better with the factors we control,” Iannone’s memo added. “While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business.”

It's been a turbulent month for tech layoffs. A few weeks ago, Unity Software, which maintains a game-development platform used by game builders worldwide, announced plans to lay off 25 percent of its staff. Meanwhile, Google and Amazon announced they would cut hundreds of workers, with Google CEO Sundar Pichai saying that he would reduce staff even further throughout 2024 to fulfill the company’s “ambitious goals” and “big priorities.”

Despite these high-profile layoffs, it’s important to keep in mind that the tech unemployment rate hit 2.3 percent in December, lower than the national unemployment rate of 3.7 percent. The tech industry also enjoyed a net increase of 12,922 jobs, the biggest such gain in eight months. In other words, companies across the economy are continuing to hire tech professionals for a variety of tasks, from building websites to figuring out how to best deploy artificial intelligence (A.I.). If you’re currently worried about your employment prospects, keep in mind that it’s never a bad idea to keep your training relentlessly up-to-date.