E-commerce firm eBay Inc. said on Tuesday it will lay off 500 employees globally, representing 4 percent of its total workforce.

Shares of the San Jose, California-based company rose about 1 percent in aftermarket trade.

“This shift gives us additional space to invest and create new roles in high-potential areas—new technologies, customer innovations, and key markets,” said Jamie Iannone, Chief Executive Officer of Ebay in a message to employees.

A raft of U.S. companies from Goldman Sachs Group Inc. to Alphabet Inc. have laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates.