PayPal has announced plans to cut 2,000 jobs, or about 7% of its workforce.
President and CEO Dan Shulman wrote in a press release that PayPal is working to address a “difficult macroeconomic environment.” He clarified that the company has made progress by focusing resources on key priorities and optimizing the cost structure, but much remains to be done.
The company’s layoff announcement marks another round of job cuts in the tech industry. On the same day, the Workday company announced the reduction of 525 employees. Earlier in January, Google announced the layoff of more than 12,000 employees, Amazon – about the reduction of 18,000 jobs, Microsoft – about the layoff of 11,000 workers, Salesforce – about the intention to lay off 7,000 people. Meta also cut more than 11,000 jobs, or 13% of its workforce.
PayPal beat expectations on revenue and profit in its third-quarter financial report, but the company’s shares fell after the company’s fourth-quarter revenue estimate came in below analysts’ expectations. Despite this, PayPal raised its earnings per share guidance for the full fiscal year, saying it benefited from “ongoing initiatives to improve productivity.”
Course
EXCEL FOR BUSINESS
Master Excel in just 1.5 months and increase the efficiency of business processes in your company.
REGISTER!
PayPal is scheduled to report its fourth quarter financial results on February 9.
Source: cnbc
