The rumors that circulated yesterday have come true: eBay has just announced that it will reduce its workforce by 10% in order to save $150 million per year.

CEO John Donahue fought back tears as he made this moving statement:

“While never an easy decision to make, these reductions will help improve our operations and strengthen our ability to continue investing in growth.”

We feel your pain, John.

More info: Yahoo Finance | GigaOM