PayPal chief executive Dan Schulman told his team in an email announced the layoff of roughly 2,000 employees, or about 7% of the workforce.
The cuts are planned for the coming weeks. According to Schulman, layoffs will hit some divisions harder than others.
PayPal’s chief executive pledged to disclose the details of the cuts later and to support all affected employees. The package includes “the utmost respect and compassion,” generous severance, consultations, and assistance in transitioning to another company.
According to CNBC, in its third-quarter report PayPal beat analysts’ revenue expectations. At the same time, projected revenue for the fourth quarter came in below analysts’ estimates.
In January 2023, media reports reported that Google’s parent Alphabet planned to cut about 12,000 jobs. By March, Microsoft intends to lay off about 10,000 people.
As noted earlier, since the start of the year Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno and Matrixport have announced layoffs.