PayPal on Tuesday announced plans to lay off 2,000 employees, or around 7% of its workforce, according to a release posted to the company’s website.
President and CEO Dan Schulman wrote in the release that PayPal is working to address the “challenging macroeconomic environment.” He said the company has made progress focusing resources on core priorities and rightsizing its cost structure, but that there is more work to be done.
“Change can be difficult – particularly when it includes valued colleagues and friends departing,” Schulman wrote about the layoffs. “We will face this head-on together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers.”
PayPal stock closed up 2% Tuesday.
