PayPal lays off about 2,000 people, equivalent to 7% of all employees

In 2023, while large-scale personnel reductions in the IT industry such as

Salesforce , Microsoft , Amazon , and Google are continuing, the payment service PayPal has also announced that it will start reducing personnel on a scale of 2,000. This corresponds to 7% of all employees.

Press Release: Update on Our Transformation

PayPal to lay off 2,000 employees in coming weeks, about 7% of workforce

PayPal to cut 2,000 jobs in latest tech company cost-cutting | AP News

PayPal is laying off 2,000 employees | Engadget

PayPal has made significant progress in optimizing its cost structure and focused resources on core strategic priorities, according to a statement issued in the name of PayPal President and CEO Dan Shulman. In addition, he decided to reorganize personnel in order to respond to changes in the world, customers, and competitive environment.

About 2,000 people, which is equivalent to 7% of all employees, will be subject to personnel reductions, and we will hold discussions as necessary and clarify that we will support job changes.

PayPal's earnings exceeded expectations in the third quarter of 2022 (July-September 2022), but the fourth quarter (October-December 2022), which is scheduled to be announced on February 9, 2023, is an analyst The stock price is expected to fall below the previous forecast. Over the past year, PayPal's stock has fallen about 53%. The stock closed 2.3% higher on January 31, when it announced the layoffs.

By the way, the unemployment rate in the United States is 3.5%, which is the lowest level in 50 years.

in Web Service, Posted by logc_nt