News Desk
CALIFORNIA: PayPal on Tuesday announced plans to lay off 2,000 jobs, or 7 percent of its work force, as it becomes the latest among big tech firms to cut costs.
The company said on Tuesday that it was forced to make the decision amid “the challenging macro-economic environment.”
“We must continue to change as our world, our customers, and our competitive landscape evolve,” the online payment company’s president and CEO Dan Schulman wrote in a release.
He said the company was working to address the “challenging macroeconomic environment.”
Schulman added PayPal had made progress, focusing resources on primary priorities and reforming its cost structure, but more work was still to be done.
Economic downfall leading to mass layoffs
The announcement by PayPal follows tens of thousands of job-cuts by tech giants in the last month alone.
Google’s parent company Alphabet, Amazon and Microsoft also announced major job cuts in 2022.
Snap – the parent firm of social media platform Snapchat – also warned on Tuesday that revenue for the three months to the end of March could decline by as much as 10%.
Snap told investors that it anticipated the operating environment to remain challenging, adding that it expected the headwinds, faced by the firm in the past year, to persist throughout Q1.
