PayPal is about to become the latest technology company to lay off a significant portion of its workforce.Payment company It plans to cut about 2,000 employees on Tuesday. This represents about 7% of all employees. According to PayPal president and CEO Dan Schulman, the job cuts will continue over the next few weeks, with some parts of the company affected more than others.
“We treat our retiring colleagues with the utmost respect and empathy, offer generous packages, consult when necessary, and support them in their transition,” said Schulman. “I would like to personally thank them for the meaningful contributions they have made to PayPal.”
The company joins a list of tech companies that have announced layoffs in recent months.Earlier this month, Google revealed plans for layoffs. , or about 6% of the global workforce.Before that, Microsoft said it would Schulman, like his colleagues at Microsoft, Google and other tech companies, blamed PayPal’s layoffs on the “challenging macroeconomic environment” the company has recently faced. “While we have made significant progress in optimizing our cost structure and focused our resources on our core strategic priorities, there is still work to be done.
It is worth noting that the US economy has not plunged into an economic crisis. The national unemployment rate is at 3.5%, the lowest level in 50 years, and gross domestic product has increased over the last few quarters. Looking specifically at PayPal, the company exceeded Wall Street’s expectations during that period. revenue and income increased by 11% and 7% year-on-year, respectively.
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