PayPal Announced Plans To Lay Off 2,000 Employees: About 7% Of The State
PayPal on January 31 announced plans to lay off about 2,000 employees – about 7% of the state. The layoffs will take place over the next few weeks, with some divisions of the company hit harder than others, according to PayPal President and CEO Dan Shulman.
“We will treat our colleagues who will be fired with special respect and empathy, provide them with generous packages, seek advice when necessary, and support them in changing jobs,” Shulman said.
Shulman blamed the PayPal layoffs on the “difficult macroeconomic environment” the company has been in lately. “While we have made significant progress getting our cost structure right and focusing our resources on our core strategic priorities, we still have a lot of work to do,” the chief said.
Shares of PayPal are up 14% this year, outpacing the 9% rise in the S&P 500 index. Analysts compiled by the agency estimate that PayPal is expected to report that the volume of transactions on its online platforms grew to $1.4 trillion in 2022. This is 9.6% more than a year earlier, but the lowest level of growth in the history of the service as a public company, the data shows.
