PayPal mentioned Tuesday it would trim about 7% of its whole workforce, or about 2,000 full-time staff, because the digital funds firm contends with what it calls “the challenging macro-economic environment.”
PayPal mentioned it would make the cuts over a number of weeks, with a few of its organizations affected greater than others. The corporate didn’t additional specify. PayPal is the father or mother of fee apps Venmo and Xoom and the coupon service Honey, amongst different manufacturers.
The corporate, primarily based in San Jose, California, is the newest within the technology sector to trim its headcount. Through the month of January alone, Google, Microsoft and Salesforce introduced tens of 1000’s of layoffs.
Final summer season activist investor Elliott Administration purchased a stake then value about $2 billion in PayPal, which mentioned it had entered into an “information-sharing agreement” with Elliott “to continue collaboration across a range of value-creation opportunities.”
“Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers’ needs,” PayPal President and CEO Dan Schulman mentioned Tuesday in a press release. “While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do.”
PayPal Holdings Inc. is scheduled to report quarterly outcomes Feb. 9.
Shares of the corporate are down about 53% up to now 12 months. They rose 2.3% to shut Tuesday at $81.49.
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