PayPal announced a 9% layoff, affecting approximately 2,500 employees

ChainCatcher news, PayPal CEO Alex Chriss stated in a letter to employees on Tuesday that PayPal is "right-sizing" the company through direct layoffs and the cancellation of open positions, planning to lay off about 9%, affecting approximately 2,500 employees, and noted that the layoffs will enable the company to "meet customer demand and drive profitable growth at the pace required."

It is reported that as of the end of 2022, PayPal employed about 29,900 employees. The company conducted a round of layoffs last January, cutting about 7% of its workforce. However, despite these measures, PayPal's stock price has continued to be under pressure, falling 61% over the past two years and down 79% from its all-time high of $308.53 set in July 2021.