PayPal Slashes 2,500 Jobs Amid Market Share Pressure
TL;DR Summary
PayPal is cutting 9% of its workforce, about 2,500 jobs, to "right-size" the business, adding to the 2,000 job cuts announced in January last year. CEO Alex Chriss aims to drive profitable growth and invest in areas of the business believed to accelerate growth. The stock has dropped more than 20% in the last year. Chriss, who was named President and CEO in September 2023, unveiled plans to launch AI-powered products, including "smart receipts" that will send personalized recommendations to customers. PayPal joins a list of companies, including Amazon and Google, announcing job cuts in 2024.
- PayPal to cut 2,500 jobs, adding to January layoff announcements Business Insider
- PayPal to Cut Around 2,500 Jobs as Rivals Snag Market Share Yahoo Finance
- PayPal’s latest layoffs could prove fodder for the stock’s bulls and bears alike MarketWatch
- Tech giant PayPal announces massive layoff round, 311 cuts in San Jose SFGATE
- PayPal is reducing its workforce by 9% CNN
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