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Bay Area-based digital payments technology powerhouse PayPal is laying off nearly 2,000 full-time employees in the latest tech layoffs to hit the tech industry.
In a notice posted on PayPal’s website on Tuesday, the San Jose-based company’s president and CEO, Dan Shulman, said it will cut 7% of its workforce in the coming weeks as a result of the “challenging macroeconomic environment.” announced a reduction.
“While we have made significant progress in righting our cost structure and focused our resources on our core strategic priorities, there is still work to be done.” As the environment evolves, we must continue to change.”
Shulman did not disclose the severance payments laid off workers would receive, but said they were “generous.” He also did not specify which teams would be primarily affected, instead pointing out that “some organizations” within the company will be affected more than others. declined to comment and referred SFGATE to his Schulman notes.
It’s also unclear whether employees at Venmo, a money transfer app owned by PayPal, will be affected by this layoff round. A Venmo spokesperson did not immediately respond to a request for comment.
These layoffs are part of a broader havoc in the tech industry, with Salesforce and Google implementing massive job cuts earlier this month. Last year, more than 47,000 workers were laid off across Bay Area-based tech companies.
PayPal shares rose 2% on Tuesday after falling nearly 53% over the past year. The company with its current name was founded in 2000 by him and is associated with Elon Musk and Peter Thiel.
SFGATE Tech Reporter Stephen Council contributed to this report. Have you heard of anything going on at PayPal or another Bay Area tech company?Please feel free to contact Signal’s technical his editor Joshua Bote at 707-742-3756.
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