PayPal to lay off 2,000 employees

PayPal, the online payment system headquartered in the US, announced that it will lay off 2,000 of its employees.

In a message to company employees on the subject, PayPal Chief Executive (CEO) Dan Schulman stated that over the past year, they have made significant progress in strengthening and reshaping the company in a challenging macroeconomic environment, while continuing to invest to meet customers' needs.

Emphasizing that the company has made progress by focusing resources on key priorities and adjusting its cost structure correctly, Schulman said there is still a lot of work to be done.

Schulman noted that tackling the challenges brings with it some difficult decisions, and that the company will lay off 2,000 employees globally, which corresponds to 7 percent of the total workforce.

Dan Schulman reported that the layoffs in question will occur in the coming weeks.

While rising inflation and a possible recession are causing concerns in the tech industry, many tech companies, especially in the US, began deciding to lay off thousands of people or cut new hires last year.

According to the data of Layoffs.fyi, which tracks layoffs in the technology sector, technology companies have laid off more than 237,000 employees since the beginning of 2022.