PayPal said on Tuesday that it will fire 2,000 full-time workers that make up 7% of its total workforce. The world’s top digital payment company PayPal contends with what it calls “the challenging macro–economic environment”.
PayPay said the payoff will take over several weeks. The company’s action affected more than others. The company did not provide more details. PayPal is the parent company of Honey, Venmo, and Xoom, among other brands.
The financial technology company PayPal based in San Jose, California, is the latest in the technology sector to trim its workforce immediately. In the first month of 2023, the top world brands such as Salesforce, Microsoft, and Google already fired tens of thousands of employees. Now the PayPal Company has joined the Payoff company club after some days.
Last summer a significant amount of $2 billion was invested in PayPal by the activist investor Elliott Management. At that time it was said it had entered into an “information sharing agreement” with Elliot Management “to continue collaboration across a range of value-creation opportunities.”
“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 customer’s needs,”
Dan Schulman PayPal President and CEO said Tuesday in a statement. “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.”
PayPal Holdings Inc. would issue a quarterly report on February 9, 2023
The shared price of financial technology company PayPal is down about 53% in the last year. They rose 2.3% to close Tuesday at a rate of $81.49.
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