paypal-to-cut-2500-employees-due-to-declining-profits-and-competition

PayPal to cut 2,500 employees due to declining profits and competition

 • 28449 переглядiв

PayPal Holdings will cut its staff by about 9% amid growing competition, declining profits and analysts' downgrades of PayPal. This is reported by Bloomberg, according to UNN.

Details

In a letter to employees on Tuesday, the company's CEO Alex Kriss announced the decision to "right-size the company" through both direct layoffs and the elimination of open positions throughout the year.

Affected employees will be notified by the end of the week, according to the letter, which was seen by the agency.

PayPal, which employed about 29,900 people at the end of 2022, announced similar cuts last January. The latest move will affect about 2,500 employees.

Eliminating the jobs will allow the company to "move at the speed necessary to serve our customers and drive profitable growth," Chris said in the letter.

At the same time, we will continue to invest in those areas of the business that we believe will create and accelerate growth,

- He added.

Addendum

The payment giant's shares have fallen by more than 20% over the past year as earnings declined and the company lowered its full-year operating margin forecast. PayPal appointed Kriss last year to replace Dan Schulman.

Recall

Google has laid off hundreds of employees working on hardware, voice assistance, and engineering teams as part of cost-cutting measures.

Popular

Zelensky and Burbank discussed ways to put pressure on Russia in Kyiv

 • 25709 переглядiв

“Ukrnafta drilled the deepest well in 8 years

 • 23063 переглядiв

Zelensky: There are already 11 thousand DPRK military in Kursk region of Russia

 • 17257 переглядiв

News by theme

PayPal to cut 2,500 employees due to declining profits and competition

 • 28449 переглядiв

King's wife tells about Charles III's health condition

 • 32121 переглядiв

Finland has not granted a single asylum application of migrants who came from Russia

 • 28072 переглядiв

Bird flu found in penguins in the Falkland Islands

 • 28044 переглядiв

EU to allocate at least €21 billion in military aid to Ukraine in 2024 - Borrell

 • 118481 переглядiв

Almost 50°C: the UN confirms a new temperature record for Europe

 • 27688 переглядiв

EU plans to launch a mission in the Red Sea to protect ships from Houthi attacks

 • 26775 переглядiв