PayPal to cut 2,500 employees due to declining profits and competition
Kyiv • UNN
PayPal will cut about 9% of its workforce, or about 2,500 jobs, due to declining profits and increased competition.
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,
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.
