Last Updated on: 8th July 2023, 02:06 am
PayPal Will Soon Lay Off More Than 2,000 Employees
PayPal announced on Tuesday that it plans to reduce its workforce by 7%, or about 2,000 full-time employees, due to the current difficult economic conditions.
The cuts will be made over a period of several weeks, with some departments being hit harder than others. No further information was given. PayPal is the parent company of Venmo, Xoom, Honey, and other brands.
San Jose, California-based PayPal has joined the list of shrinking tech companies. In January alone, Google, Microsoft, and Salesforce unveiled major layoff plans.
In the summer of 2022, activist investor Elliott Management acquired a roughly $2 billion stake in PayPal, and the company said it had signed an “information sharing agreement” with Elliott to “continue collaborating on a variety of value creation opportunities.”
PayPal Chairman and CEO Dan Schulman said in a statement earlier this week:
Over the past year, we have made significant strides in strengthening and reshaping our business to weather the challenging macroeconomic environment, while continuing to invest to meet the needs of our clients. While we’ve made significant progress in adjusting our cost structure and focusing our resources on our key strategic priorities, we still have work to do.
PayPal Holdings Inc. will report its fourth-quarter results on February 9th. Despite rising 2.3% to $81.49 at Tuesday’s close, the company’s shares are down 53% over the past year.
Also Read: 10 Best Highest Paying Tech Jobs UK 2023