PayPal announced plans to lay off 2,000 employees
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PayPal has announced plans to lay off 2,000 employees, or about 7% of its workforce. President and CEO Dan Shulman said these cuts will take place in the coming weeks, with some divisions affected more than others.
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According to Shulman, PayPal is working on solving problems in “complex macroeconomic conditions.” The company has already made progress: it has focused resources on priority areas and adjusted its costs, Shulman wrote. More work remains to be done, he added.
“Changes can be difficult, especially when it comes to the departure of respected colleagues and friends,” Shulman wrote about the impending dismissal.
PayPal beat analysts’ expectations on revenue in its third-quarter earnings report, CNBC reports, but the company’s shares fell after the company’s fourth-quarter revenue estimate came in below analysts’ consensus estimates.
PayPal then raised its earnings per share forecast for the full fiscal year, saying it benefited from “ongoing productivity initiatives.” The company plans to report fourth quarter earnings on February 9.
PayPal shares closed up 1.85% on Tuesday, January 31.
PayPal shares have grown by 14% this year, outpacing the S&P 500 index of information technology companies by 9%, Bloomberg writes. According to the estimates of analysts collected by the agency, PayPal is expected to announce that by the end of 2022, the volume on its online platforms has grown to $1.4 trillion. This is 9.6% more than a year earlier, but the lowest level of growth in the history of the service as a public company, data show.
Big layoffs
Earlier in January, Google announced plans to lay off more than 12,000 employees, Microsoft announced plans to cut 10,000 employees, and Salesforce announced plans to lay off 7,000 employees. Amazon is preparing to lay off more than 18,000 people.
Meta and Twitter are reducing their staff, which under the leadership of Elon Musk began to get rid of employees last year. Goldman Sachs, Spotify, Salesforce, Wayfair and others are also laying off people en masse.
Only since the beginning of January, according to Forbes, large US companies have laid off approximately 60,000 specialists.
Source: Ministry of Finance
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