Amounting to 7% of PayPal’s total workforce, these employees were fired as a plan to counter the “challenging macroeconomic environment”
PayPal on Tuesday announced that the company has planned to fire around 7% of its total workforce. Amounting to around 2000, these employees were fired as a plan to counter what PayPal calls the “challenging macroeconomic environment”
Making the announcement ahead of its start, the layoffs will not be quick. The payment industry giant will deduct a certain percentage of employees each week.
It also revealed that some of its daughter organization might get more affected from the layoffs than the other ones. Currently PayPal owns organizations such as Venmo, Xoom and Honey therefore we may see layoffs from almost all of them.
Jumping in a little late on the tech layoff train, PayPal has now become the one of many companies to fire thousands of its employees during this cold tech season. Mega corporations such as Google, Microsoft and Meta are also companies that laid off employees just around this time.
“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,” said PayPal President and CEO Dan Schulman, while announcing the layoffs.
“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,” he added.
Following a trend similar to many other tech companies, PayPal share prices went down by about 53% last year. The prices noticed a 2.3% increase on the same day PayPal announced its layoffs.
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