Beautiful Virgin Islands

Friday, Nov 01, 2024

PayPal to lay off 2,000 employees in coming weeks, about 7% of workforce

PayPal to lay off 2,000 employees in coming weeks, about 7% of workforce

The payments giant PayPal adds to the spate of January tech layoffs with plans to cut 7%, CEO Dan Schulman announced Tuesday.
PayPal on Tuesday announced plans to lay off 2,000 employees, or around 7% of its workforce, according to a release posted to the company’s website.

President and CEO Dan Schulman wrote in the release that PayPal is working to address the “challenging macroeconomic environment.” He said the company has made progress focusing resources on core priorities and rightsizing its cost structure, but that there is more work to be done.

“Change can be difficult – particularly when it includes valued colleagues and friends departing,” Schulman wrote about the layoffs. “We will face this head-on together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers.”

PayPal stock closed up 2% Tuesday.

The company’s layoffs announcement marks the latest round of job cuts in the tech industry, as Workday also announced plans to cut 525 jobs Tuesday. Earlier this month, Google announced plans to lay off more than 12,000 workers, Microsoft announced plans to cut 10,000 employees and Salesforce announced plans to lay off 7,000 workers.

In its third-quarter earnings report, PayPal beat on earnings and revenue expectations, but shares slid after the company’s Q4 revenue estimate came in behind analysts’ expectations. But PayPal raised EPS guidance for the full fiscal year, saying it’s benefited from “ongoing productivity initiatives.”

During a call with analysts after the company’s Q3 earnings report, acting CFO Gabrielle Rabinovich talked about the company’s projections for 2023.

“We’re operating in an environment where we think we’re going to continue to have inflationary pressures, where real wage growth is going to continue to be negative for a period of time, where discretionary spend will be under pressure,” Rabinovich said. “We’re navigating that environment as best we can, and we’ve taken into consideration that range of outcomes on volume growth and on revenue growth as it relates to what we think we can deliver from an operating margin and EPS standpoint.”

PayPal is slated to report fourth-quarter earnings after the bell on Feb. 9.
Comments

Oh ya 2 year ago
Well when you are a buttwipe and announce that you are going to seize peoples money from their accounts because of something that they posted on social media that you did not like you deserve to go broke. Join the other get woke go broke companies

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Siemens Acquires Altair Engineering in $10.6 Billion Deal
The man who got hit by a bus and immediately went back to the pub is strong! Beer is very important.
Donald Trump files $10 billion lawsuit against CBS News, accusing them of 'deceptively doctoring' Kamala Harris' '60 Minutes' interview
Formal Address for Meghan Markle at Invictus Games
Understanding the US Electoral College System
Apple Launches AI Features on Select iPhones
JP Morgan Sued Customers Over Viral Cheque Fraud Scheme
King Charles to Continue Global Tours Despite Cancer Diagnosis
Venice Extends Tourist Entry Fee Program to 2025
Tommy Robinson Charged Under Terrorism Act for Phone Offence
Plans to Increase Employers' National Insurance Announced
Washington Post Editor-at-Large Robert Kagan has RESIGNED after owner Jeff Bezos BARRED the endorsement of Kamala Harris.
Massive Theft of Artisan Cheddar from Neal’s Yard Dairy
US Man Charged with Murder of Co-Worker over Breaks
Carbon Monoxide Incident Claims Lives at UK Care Home
Birmingham Airport Evacuated Due to Suspicious Vehicle
Former US President Barack Obama raps the lyrics to Eminem's ‘Lose Yourself’ after the rapper introduces him at a Kamala Harris rally in Detroit
KYIV URGES NORTH KOREAN TROOPS IN UKRAINE TO SURRENDER
Ofcom Identifies Link Between Social Media Posts and UK Unrest
Russian Boxer Receives Lifetime Ban for Illegal Move in Boxing Debut
Biden Labels Trump a Threat to Democracy
McDonald's Linked to E. coli Outbreak Leading to One Death
Teacher Enoch Burke arrested at Wilson’s Hospital School in Ireland after refusing to endorse and affirm transgender ideology.
FBI Investigates Leak of US Intelligence on Israeli Strike Plans
Israeli Airstrike Targets Hezbollah's Financial Resources
China’s Baidu is revolutionizing transportation with its robotaxi service
Angela Rayner Secures Permanent Seat on UK National Security Council
Russian Ambassador Claims UK's Proxy War in Ukraine
Doctor Advocates for Assisted Dying Law Reform
Ruth Davis Appointed as UK’s First Nature Envoy
Pressure Mounts on Starmer to Discuss Reparations at Commonwealth Summit
James Cleverly’s Costly In-Flight Catering for Government Trips
AI Regulation Takes Center Stage in 2024 US Presidential Campaign
NASA Study Explores Potential Microbial Life Beneath Mars' Ice
Cats: The Liquid-Like Pets
Netanyahu Condemns Alleged Hezbollah Assassination Attempt
Liam Payne's Tragic Death: Tributes Pour In
Cuba's Power Struggles: Nationwide Blackout Strikes Again
Xi Jinping Urges Troops to Prepare for Conflict Amid Taiwan Drills
Farage Supported by US PR Team Linked to Steve Bannon
Controversy Over MP's Comments on Female Candidate's Family Responsibilities
Highlights from the Conservative Leadership Contest TV Debate
Childminder Jailed for Inciting Racial Hatred After Southport Attack
NHS England's Repair Bill Soars to Almost £14 Billion
Russia Accused of Using Incendiary Devices to Disrupt Western Confidence
Culture Wars: 'A Dog Whistle to Attack the Right', Says Badenoch
Virtual Reality and Advanced Technologies in Combating Cocaine Addiction
Chancellor Rachel Reeves Assembles Taskforce to Safeguard Financial Stability Amid Increased Borrowing Plans
RAF Typhoon Intercepts Air India Flight After Bomb Threat
Hamas Chief Yahya Sinwar Killed in Israeli Operation
×