Online payment gateway PayPal will lay off 2,500 employees, Delhi News in Hindi
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khaskhabar.com : Wednesday, January 31, 2024 11:37 AM
New Delhi. Online payment gateway PayPal has started layoffs, which will affect at least 9 percent of its workforce i.e. about 2,500 employees.
According to verified PayPal professionals on the online discussion forum Blind, the job cuts have begun, and by the end of the week, will impact approximately 2,500 employees (about 9 percent of the company’s workforce).
“Please support your fellow PayPal employees,” one post read. Google wishes all the best to PayPal employees.
PayPal CEO Alex Criss said in an internal memo that affected employees would be notified by the end of the week.
PayPal faces increasing competition from rivals such as Apple, Zelle and Block.
Around this time last year, PayPal announced plans to cut about 2,000 employees, or 7 percent of its workforce. The online payments company said that it was forced to take this decision.
“As our world, our customers, and our competitive landscape evolve, we must continue to transform,” PayPal said in a statement.
According to BBC report, Chris joined the company as CEO from software company Intuit last year. PayPal reported its first earnings in November, which exceeded analysts’ expectations.
–IANS
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