In the upcoming weeks, PayPal will let go of roughly 2000 employees or about 7% of its staff. The CEO of the company Dan Schulman, says “We must make difficult decisions that will affect some of our colleagues in order to deal with these developments.” He claims that although the business has “made substantial progress,” it still confronts a “difficult macro-economic environment.”
The executive team of the organization, according to Schulman, would communicate often and honestly. In 2014, PayPal became a separate firm after being split off from parent eBay. The firm, which is located in San Jose, California, announced a third-quarter profit of $1.33 billion and revenue of $6.85 billion in November. The shares of PayPal Holdings Inc. ended trading on Tuesday at $81.49, up $1.85 per share, or 2.32%.
The layoffs follow a string of employment reductions in the tech industry. Alphabet, the parent company of Google, reduced its employment by 12000 employees, or 6%. By March, Microsoft will fire 10000 employees, or 5% of its total. Salesforce, which revealed just after the new year that it was laying off 10000 employees, or 7% of its workforce, is leading the pack this month.
