The payment company PayPal will lay off 2 thousand people!

Due to the ongoing recession in the world economy, news of layoffs from the largest companies arrives every day. These also include the names of companies such as Google parent, Alphabet, Microsoft, Amazon. Now the name of the payment firm PayPal, which has announced layoffs, has also been added to this list. PayPal has announced that it will reduce its workforce by 7%. If the company is going to lay off with this percentage, then 2000 people who work in it will be laid off.

PayPal Holdings Inc announced Tuesday that it is cutting 2,000 employees from the workforce. According to a Reuters report, the company’s move signals cost cutting as consumers currently reel under the highest inflation in a decade, forcing consumers to cut spending to record levels. Also, people all over the world are concerned about their sources of income like jobs etc. and more attention is paid to savings.

Dan Schulmen, CEO of payments firm PayPal, said in a statement: “We have made significant progress in resizing our cost structure. And while we have focused our resources on our core strategic priorities, we still have more work to do.’ According to the report, shares of the payment company fell as much as 60% last year. Its shares were seen up 2% yesterday. According to Moshe Katri, an analyst at Wedbush, “Like other big tech companies, PayPal also wants to stabilize itself financially and strategically during the global recession.”

Even before PayPal, many giant global firms have announced workforce cuts. We tell you that in January layoffs can be announced in many large companies. It’s also been a while since companies like Vodafone Idea and Amazon have also announced layoffs. Vodafone Idea has announced the layoff of hundreds of employees over the next five years, while Amazon has increased the number of laid off employees from 10,000 to 18,000.

For the latest tech news, smartphone reviews, and exclusive deals on popular mobile phones, download the Gadgets 360 Android app and follow us on Google News.

Related news

Leave a Comment