PayPal has become the latest technology company to announce wide-spread layoffs, with the company set to cut 2,000 jobs, about seven per cent of its workforce.
In a message shared with PayPal employees and since posted on the company’s online newsroom, President and CEO Dan Schulman said while PayPal had made “significant progress…to address the challenging macro-economic environment” over the past year, “we have more work to do.”
The job cuts will occur over the coming weeks, with some parts of the business impacted more than others, Schulman added without sharing the specifics.
“We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions,” he said.
Although the company beat expectations in November when it reported its third quarter financial results, PayPal did downgrade its forecast for the fourth quarter of 2022, citing a challenging macro environment, slowing e-commerce trends, and an unpredictable holiday shopping season. PayPal is set to report its 2022 fourth quarter financial results on February 9.
The news comes at the end of another challenging month for technology workers, with Google, Microsoft, Salesforce and Amazon all announcing in January that they would be laying off a combined total 48,000 workers across the globe.