Payments firm PayPal to lay off 7% of its workforce to cut costs
PayPal Holdings announced that it plans to cut 7% of its workforce, approximately 2,000 employees, in response to the economic slowdown. The move aims to control costs, which the current high inflation and the threat of a looming recession have impacted. In November, anticipating a broader economic downturn, PayPal cut its annual revenue growth forecast and stated that it did not expect much growth in its US e-commerce business in the holiday quarter. The shares of the payments firm were up 2.4% in afternoon trading after the announcement of the workforce reduction.
The source is “Payments firm PayPal to lay off 7% of its workforce to cut costs.“