PayPal Holdings Inc said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a string of fintech firms to be hit by the economic slowdown.
"While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do," said PayPal's Chief Executive Dan Schulman in a statement.
The move to keep a tight lid on costs comes against the backdrop of decades-high inflation hitting the purchasing power of consumers who also have to contend with the threat of a looming recession.
Shares of the payments firm were up about 2.4 percent in afternoon trading.
In November, PayPal had cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Samosa, biryani, tea: District poll panels fix varied menu, ceiling for LS polls expenditure
Mar 29, 2024 3:14 PM
Mahagathbandhan announces seat-sharing in Bihar, RJD to contest on 26 seats, Cong 9
Mar 29, 2024 2:25 PM
Lok Sabha elections 2024 Dibrugarh to Jorhat — key seats in Assam
Mar 29, 2024 1:11 PM
Lok Sabha Election 2024: Hajipur to Patna Sahib — key seats in Bihar
Mar 29, 2024 12:28 PM