PayPal begins layoffs to reduce costs! Plans to close San Francisco office

It is learned that according to foreign media reports, PayPal has begun layoffs in its offices in Chicago, Omaha, Nebraska and Chandler, Arizona to reduce expenses, but said it will not stop recruiting and will continue to invest in its business in the Bay Area and California and employees working in the state. PayPal currently has about 30,000 employees worldwide.

Last month, PayPal sent layoff notices to 83 employees at its San Jose headquarters and announced plans to close its San Francisco office. It is reported that PayPal has two offices in San Francisco, one of which was closed at the beginning of the outbreak. PayPal did not comment on the details of the layoffs. A PayPal spokesperson said PayPal is "continuously evaluating the way we work to ensure we meet the needs of our customers and operate with the best structure and processes to support our strategic business priorities as we continue to grow and evolve."

PayPal has been struggling to achieve its profit targets, and due to rising costs, PayPal lowered its full-year profit forecast for 2022 from $4.60-4.75 per share to $3.81-3.93. According to Reuters, PayPal CEO Dan Schulman said that as the epidemic is well controlled, it is difficult to predict consumer spending habits on e-commerce platforms, making 2022 an unpredictable year.

According to reports, in the first quarter of this year, PayPal only processed $323 billion in payments, a year-on-year increase of 15%, the smallest increase in the company's quarter in the past five years. PayPal is not the only company that has had to lay off employees. The recent wave of layoffs has swept around the world, and Netflix, Cameo, Robinhood and Carvana have also joined this wave of layoffs in recent weeks.

Editor ✎Estella/

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