PayPal plans to eliminate 2,500 jobs, or 9% of its global workforce, through direct cuts and the elimination of open-ended roles, and for one year after cuts, according to CEO Alex Kriss.
The company that regulates digital payments said it would notify affected employees by the end of the week.
PayPal is fighting to regain market share as competitors continue to grow
PayPal faces increasing competition from rivals such as Apple, Jail and Block. Mr. Chris was brought in last year from software company Intuit to help transform PayPal. Investors hoped he could revive the company’s share price, which has fallen more than 20% over the past 12 months.In November, PayPal reported its first earnings under its new chief, beating analyst expectations and giving investors some hope that its turnaround was underway.
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Last week, the company also introduced new products powered by artificial intelligence and a one-click shopping experience.
The latest trend in tech is Layoffs
The latest cut follows thousands of layoffs in recent months by other tech giants. More than 260,000 jobs were lost in the industry last year, according to Layoffs.fyi, a website that tracks industrial job cuts.
Last month alone, nearly 100 technology companies including Meta, Amazon, Microsoft, Google, TikTok and Salesforce announced 25,000 job cuts.
This week Block, led by Twitter co-founder Jack Dorsey, began cutting jobs as part of its goal to cut its workforce by 1,000 by the end of the year
Source: Layoffs.fyi
The reasons and solution
Last year, officials blamed the job losses on a pandemic and rising prices, which created weak consumer demand.
Source: Layoffs.fyi
But some techs are fighting back. Earlier this month, the company representing employees at Google said it was "unnecessary" to cut hundreds of jobs as the tech giant generates billions of dollars a year.
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