EBay, the world's largest online auctioneer, cut its earnings forecast reducing its fourth quarter earnings and annual estimates. EBay is now forecasting revenues between $2.02 billion and $2.17 billion down from $2.18 billion last year. The company's value of goods sold fell 1 percent during its third quarter, the first drop since the company started. CEO John Donahoe is cutting 10 percent of EBay's workforce as well as making acquisitions to bolster PayPals market. The company has been facing increased competition from retailers such as Amazon while having to deal with growth stalls.