The largest electronic money operator, PayPal, plans to lay off 2,000 employees (or 7% of its workforce) amid a difficult economic situation.

PayPal to lay off 2,000 employees due to difficult economic conditions

The cuts will come in the coming weeks, with some divisions hit harder than others, PayPal president Dan Shulman said Jan. 31.

The company is due to post fourth-quarter earnings on February 9 and raised its full-year earnings per share guidance for the third quarter, citing productivity gains.

PayPal is not the only company that has decided to cut staff due to economic problems. In January, Google announced plans to lay off 12,000 employees, Microsoft announced plans to lay off 10,000 employees, and Salesforce announced plans to lay off 7,000 employees. Spotify, Goldman Sachs and other companies are also laying off workers in droves.


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Source: RB

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