PayPal to Lay Off 2,000 Employees, 7% of Workforce
01 February 2023 - 7:20AM
Dow Jones News
By Sabela Ojea
PayPal Holdings Inc. on Tuesday said it is cutting its global
workforce by about 7% to adjust to current macroeconomic
conditions.
The digital payments said about 2,000 employees will be
affected.
"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," Chief Executive Dan Schulman
said.
The company will provide departing employees "with generous
packages," Mr. Schulman added.
Early in November, the company posted an increase in net income
and revenue for the third quarter, with total payment volumes
reaching $337 billion in the quarter.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 31, 2023 15:05 ET (20:05 GMT)
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