PayPal said Tuesday it will trim about 7% of its total workforce, or about 2,000 full-time workers, as the digital payments company contends with what it calls “the challenging macro-economic environment.”
Last summer activist investor Elliott Management bought a stake then worth about $2 billion in PayPal, which said it had entered into an “information-sharing agreement” with Elliott “to continue collaboration across a range of value-creation opportunities.”
“Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers’ needs,” PayPal President and CEO Dan Schulman said Tuesday in a statement. “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.”Shares of the company are down about 53% in the past year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PayPal to cut 2,000 jobs in latest round of layoffs for tech industryOnline payments giant PayPal said Tuesday that it plans to cut 7% of its total workforce, joining other major Silicon Valley companies in announcing layoffs.
Read more »
PayPal is laying off 2,000 employees | EngadgetPayPal announced on Tuesday plans to lay off approximately 2,000 employees, or about seven percent of its global workforce..
Read more »
Twitter is developing a payments feature, they should call it X and crush PayPalElon Musk's Twitter reportedly wants to become a payments platform. It's already working on software and seeking regulatory approvals.
Read more »
PayPal plans to lay off 2,000 workers, or 7% of staff - Silicon Valley Business JournalAfter two rounds of job cuts last year, PayPal is shedding staff once again.
Read more »
PayPal plans to lay off 2,000 workers, or 7% of staff - Silicon Valley Business JournalAfter two rounds of job cuts last year, PayPal is shedding staff once again.
Read more »
Deer Park church holds mass for the first time since suffering damage from Tuesday's tornadoPost-tornado recovery has been difficult, but for some residents they said their faith is what has helped them through this difficult time.
Read more »