PayPal To Lay Off 2,500 Workers To 'Right Size' Business

PayPal has also joined the trend, citing a 9 per cent cut in its global workforce, that is approximately 2500 employees.

PayPal CEO Alex Chriss sent an internal memo to staff stating that the company aims to "right-size its business, driving more focus and efficiency." This layoff will affect both existing employees and new roles that the company intends to fill. Chriss also stated in an internal memo that the affected employees will be notified by the end of the week.

The development comes just after PayPal revealed that it is doubling down on AI by enabling speedier checkout, AI-powered merchant suggestions and other features.

Last year, the company faced a similar problem and stated that it would lay off 2000 individuals, or 7 per cent of its workforce, due to a hard macroeconomic environment. After announcing the reduction of 2500 more employees, the total number of layoffs has risen to 4500.

According to reports, PayPal's decision to lay off personnel has resulted in falling revenue and share performance. The payment giant's earnings have decreased, with its share price plummeting by 20 per cent in the last year.