1/31, 8:41 PM (Source: TeleTrader)
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PayPal reportedly planning 2,000 job cuts

PayPal Holdings Inc. is planning to lay off around 7% of its workforce, MarketWatch reported on Tuesday citing an email CEO Dan Schulman sent to employees.

"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," Schulman stated and stressed about 2,000 employees will be affected. He added that the staff will receive more information on the plans over the "next days and weeks." Meanwhile, a spokesperson for the company stated PayPal will also continue to hire "strategically" in 2023.

Earlier, several other tech companies, including Meta, Microsoft, Alphabet and Amazon, launched major job cuts. PayPal shares were up 2.27% to $81.47 at 2:43 pm ET following the report.

Baha Breaking News (BBN) / NP