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PayPal is laying off 2,000 employees, 7% of its workforce.

Payments platform PayPal has announced its intention to cut its workforce by about 7%, which will mean about 2,000 workers leaving “in the coming weeks,” according to company president and CEO Dan Schulman.

The CEO explained that while PayPal has made significant progress in strengthening and shaping the company to address the challenging macroeconomic environment and adjusting its cost structure, it still has work to do. “We have more work to do. We must continue to change as our world, our customers and our competitive landscape evolve. ”

The company has lost 54% of its capitalization in the past year, although its shares rose 2% in after-market trading after announcing the cut. In this way, PayPal joins the wave of massive layoffs that has affected the technology sector in recent weeks with announcements of job cuts by multinational companies such as Microsoft, Google, Amazon or IBM.

So far, Amazon has experienced the biggest job cuts among tech companies, laying off 18,000 workers. The rest of the multinational companies in the sector are: Google with 12,000, Microsoft with 11,800 and Meta (the parent company of Facebook, Instagram and WhatsApp) with 11,000. The only one of the Big Five tech companies that has yet to announce layoffs is Apple. Overall, the sector has shed nearly 200,000 jobs in recent months, with 150,000 redundancies due to close in 2022.

Source: El Diario





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