PayPal to lay off 2,000 employees

PayPal has announced it will be cutting 2,000 jobs, approximately 7% of its workforce. The layoffs are expected to be carried out in the coming weeks and will impact different parts of the business to varying degrees.

In a statement to PayPal employees and later posted on the company’s online newsroom, President and CEO Dan Schulman said that although the company has made progress in addressing the challenging economic environment over the past year, more work needs to be done. He also added that the company will provide generous packages and support to departing employees during their transition.

PayPal beat expectations when it reported its Q3 financial results in November but downgraded its forecast for the Q4 of 2022 citing a challenging macro environment, slowing e-commerce trends, and an unpredictable holiday shopping season. The company’s Q4 results are set to be reported on February 9.

The news of layoffs at PayPal comes after several other major technology companies, including Google, Microsoft, Salesforce, and Amazon, announced they would be laying off a combined total of 48,000 workers globally in January.