In November, PayPal had cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter.
PayPal layoff: 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.
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In November, PayPal had cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter.
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.
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HubSpot too announced that it would lay off 500 positions in an effort to reduce costs as the company struggles from a “perfect storm” of inflation, tight customer budgets and “volatile foreign exchange.”
