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PayPal CEO Alex Chris revealed that the company will lay off 9% of its workforce, affecting about 2,500 employees. The layoffs were decided to reduce costs, and this is another round of layoffs after the company laid off more than 2,000 employees last year.
The wave of layoffs at tech companies continues in 2024, and PayPal’s move is the result of competitive pressures and changes in the industry.
Despite PayPal’s strong growth in 2023, with revenue exceeding $7.42 billion as of September, up more than 8% year-over-year, Chris said the company will continue to invest in areas of the business that it believes can create and accelerate growth.
The decision led Bloomberg analysts to downgrade PayPal’s stock rating this month.
(Source: Engadget Image source: Unsplash)
