PayPal is cutting two thousand jobs, around seven percent of its staff

PayPal will cut 7 percent of its jobs, meaning 2,000 full-time employees will have to leave the company. The company says it has to do this because of the ‘difficult macroeconomic times’.

CEO Dan Schulman says PayPal has done a lot over the past year to cut costs while focusing on what matters to the company, ‘but we need to do more’. That is why the company is cutting about seven percent of its global job base. This will happen over the coming weeks and will hit some business units harder than others.

Company had sales in the third quarter of $6.85 billion, 11 percent more than a year earlier. Operating income grew 7 percent to $1.1 billion. Next week, the company will announce results for the fourth quarter and for the whole of 2022.

More large tech companies have announced rounds of layoffs in recent months, although the percentage at PayPal seems to be slightly higher than average in relative terms. At Alphabet, for example, it is more than six percent, just like Spotify, and at Microsoft, around five percent of the employees have to leave.