US-based tech firm PayPal to cut global workforce by 9%

We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth, says PayPal CEO

U.S.-based multinational financial tech company PayPal said Tuesday that it will reduce its global workforce by around 9%, or 2,500 jobs in order to attain profitable growth.

“We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth,” President and CEO Alex Chriss said in a statement.

Chriss said employees who will be affected by job cuts will be notified from Tuesday through the end of this week.

PayPal, which operates an online payments system, saw its stock price slightly decline by 0.16% in after-hours trading on the Nasdaq after closing Tuesday with a 0.13% daily loss.

Dozens of companies in the U.S. technology sector have been cutting jobs since the final quarter of a last year as they struggle with lower income and falling advertisement revenue.

Uber, Reddit, Disney, 3M, Amazon, Yahoo, Affirm, Zoom, Dell, IBM, Microsoft, Salesforce, PayPal and Google’s parent company, Alphabet, have laid off workers by the thousands since the last quarter of 2023.

Source: AA