PayPal layoffs: After Google, Microsoft, another tech company plans to fire 2,000 employees

PayPal Holdings Inc. joins the latest layoff trend. PayPal on Tuesday announced plans to fire 2,000 employees or about 7% of its workforce in a press release published by the company on its website. 

Dan Schulman, PayPal’s President and Chief Executive Officer mentioned in the statement that the company is working to address the “challenging macroeconomic environment.” He claimed that although the business has made strides toward right-sizing its cost structure and concentrating resources on its most important goals, there was still more to be done.

This decision is in line with that of Wall Street titans and Big Tech firms, both of which are using layoffs as a cost-cutting measure.

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In anticipation of a wider economic slowdown, PayPal lowered its annual revenue growth projection in November. The company also stated that it did not anticipate significant growth in its U.S. e-commerce sector during the holiday season.

Workday also announced intentions to lose 525 jobs on Tuesday, making the company's announcement of layoffs the most recent round of job losses in the tech sector. 

Major tech companies such as Google announced plans to fire more than 12,000 employees earlier this month, Microsoft also announced plans to lay off 10,000 people, Salesforce joined the layoff spree and announced plans to fire 7,000 staff and the list continues.