PayPal cuts 2,000 jobs as global economy weakens

Az24news

Paypal Layoff 2022; According to a statement published on the company’s website, it announced on Tuesday that it plans to lay off 2,000 workers, or about 7% of the workforce.

President and CEO Dan Schulman wrote in the statement that PayPal is working to address a “challenging macroeconomic environment.” He said the company has made progress by focusing resources on core priorities and aligning its cost structure, but there is still work to be done. Change can be difficult — especially when it involves the departure of respected colleagues and friends,” Schulman wrote of the layoffs. “We will face it together, building on the unparalleled scale of our global platform, our strategic investments to strengthen our core capabilities, and the trust and loyalty of our customers.”

PayPal shares rose 2% on Tuesday.

Paypal Layoff 2022; The company’s layoff announcement is the latest cut in the tech industry, with Workday also announcing 525 job cuts on Tuesday. Earlier this month, Google
The announced the layoffs of more than 12,000 employees, Microsoft
announced plans to cut 10,000 employees and Salesforce
announced the layoff of 7,000 workers.

PayPal Beat Expectations for profit and revenue in its third-quarter earnings report, but shares fell after the company’s fourth-quarter revenue estimate fell short of analysts’ expectations. However, PayPal raised EPS guidance for the full fiscal year, saying it benefited from “ongoing productivity initiatives.”

Acting CFO Gabrielle Rabinovich talked. About the company’s plans for 2023 during a conversation with analysts after the company’s third quarter earnings report.

“We are operating in an environment where we believe we will continue to have inflationary pressures. Where real wage growth will continue to be negative for some time. Where discretionary spending will be under pressure,” Rabinovich said. . “We’re navigating this environment as best we can. We’ve considered multiple outcomes for volume growth. Revenue growth as it relates to what we think we can deliver in terms of operating margin and EPS.”

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