EBay announced Monday that it plans to cut its global workforce of 16,000 by 10%, which is expected to save the company around $150 million a year. This is the first time they’ve had to lay off employees, though rumors of impending layoffs have been circulating for nearly a year. Silicon Valley Insider calls these cuts “long overdue.” “Unless the company can rapidly begin to reaccelerate gross merchandise sales, moreover, more cuts should follow.” EBay shares closed at $17.89 Monday, their lowest in nearly six years.

Growth at eBay’s auction site have slowed over the past few years, due to increased competition from Amazon and Google and increased consumer desire for fixed-price retail.

EBay also announced Monday the acquisitions of two companies. It acquired Bill Me Later, the largest competitor of eBay’s own Paypal, in a deal worth nearly one billion dollars. PayPal president Scott Thompson said that Bill Me Later will allow eBay to target larger customers.

EBay also bought Danish online-ad destinations dba.dk and Bilbasen.dk. for $390 million. These sites will bring eBay 186 million monthly page views.

By Mark Alvarez