The online payment service puts 2,000 people at the door, or 7 percent of the workforce.
PayPal is the latest in the line of tech companies cutting their workforce significantly in anticipation of their quarterly results. According to the company, it wants to focus more on ‘core strategic tasks’.
Like many of its industry peers, PayPal has hired many people in recent years to support its significant growth.
Due to the various lockdowns, consumers shopped online more often, benefiting from an online payment service such as PayPal. But those lockdowns are now over and replaced by an economy suffering from inflation and the war in Ukraine.
With the round of layoffs, PayPal joins an ever-growing row. Google, Microsoft, Amazon, Oracle and a number of others, among others, have also put thousands of people at the door in recent months.