PayPal is cutting around 2,000 full-time employees, or about 7% of its workforce, the company said Tuesday.
The layoffs join the long list of tech companies that have trimmed staff, from Amazon to eBay, in just the first month of the new year.
In an online post, CEO Dan Schulman said the company made “significant progress” in reshaping the company to address “the challenging macroeconomic environment.” But he said the company still has more work to do.
Schulman did not specify which departments would be most affected, but said some organizations in the company would be impacted more than others. The layoffs will take place over the coming weeks.
PayPal did not respond to a request for further comment on Tuesday.
Last week, eBay said it is laying off 1,000 employees, or about 9% of its staff, also citing the macroeconomic environment. Google CEO Sundar Pichai started the new year warning of further layoffs ahead. Amazon will cut hundreds of jobs, including at Twitch. Duolingo laid off around 10% of its contract workers as it moves to rely more heavily on artificial intelligence.
As of Tuesday afternoon, 98 tech companies have laid off more than 25,000 employees so far in 2024, according to Layoffs.fyi. Last year saw 262,595 layoffs in more than 1,100 companies, according to the database.
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