By Daniel Hunter

eBay has announced it will cut 2,400 jobs in this quarter ahead of its plans to split its online payment business PayPal.

The e-commerce giant is cutting around 7% of its entire workforce, saying it wants to refocus and make sure it is "set-up to compete and win".

eBay said its profits for the final quarter were up to $936m on $4.9bn worth of revenue.

It also forecast revenues of $4.35bn (£2.87bn) to $4.45bn in the first quarter, which were below market expectations.

Despite the job cuts and the less-than-expected forecasts, eBay's shares were up 2.5% after the news.

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