On Tuesday, PayPal announced it will lay off 2,000 employees, about 7% of its workforce, according to a statement on the company's website.
CEO Dan Schulman stated that the layoff is a response to the current macroeconomic situation, and the company has made progress in focusing its resources and reducing costs, but more work remains to be done.
Schulman expressed that the layoff of valued colleagues is difficult but the company will face the challenge by relying on its global platform, core capabilities, and customer trust.
The announcement of layoffs at PayPal is the latest in a series of job cuts in the tech industry, with companies like Workday, Google, Microsoft, and Salesforce also announcing cuts.