PayPal said Tuesday it will trim about 7% of its total workforce, or about 2,000 full-time workers, as the digital payments company contends with what it calls “the challenging macro-economic environment.”
PayPal said it will make the cuts over several weeks, with some of its organizations affected more than others. The company did not further specify. PayPal is the parent of Venmo, Xoom and Honey, among other brands, according to AP.
The company based in San Jose, California, is the latest in the technology sector to trim its headcount. During the month of January alone, Google, Microsoft and Salesforce announced tens of thousands of layoffs.
Last summer activist investor Elliott Management bought a stake then worth about $2 billion in PayPal, which said it had entered into an “information-sharing agreement” with Elliott “to continue collaboration across a range of value-creation opportunities.”
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