[ad_1]
Last Updated: February 01, 2023, 08:14 IST
![On Tuesday, PayPal announced it will lay off 2000 employees. On Tuesday, PayPal announced it will lay off 2000 employees.](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=356)
On Tuesday, PayPal announced it will lay off 2000 employees.
PayPal Holdings Inc said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a string of fintech firms to be hit by the economic slowdown.
(Reuters) -PayPal Holdings Inc said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a string of fintech firms to be hit by the economic slowdown.
”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,” said PayPal’s Chief Executive Dan Schulman in a statement.
The move to keep a tight lid on costs comes against the backdrop of decades-high inflation hitting the purchasing power of consumers who also have to contend with the threat of a looming recession.
Shares of the payments firm were up about 2.4% in afternoon trading.
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.
Read all the Latest Tech News here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
[ad_2]
Source link