Feb 3, 2023
Payment firm PayPal Holdings Inc. is set to cut seven percent of its workforce, or about 2,000 employees. "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," the firm's CEO Dan Schulman said in a statement. The company's stocks have been deeply impacted by the downturn in the volumes of payments through its platform while the world eases out of the Wuhan coronavirus (COVID-19) pandemic. This is why it is now resorting to reduced spending that would include closing down offices across the U.S. and laying off employees. Schulman said these efforts should help the company save at least $1.3 billion this year. The South China Morning Post reported that PayPal shares increased 1.9 percent to $81.14 on Feb. 1 at 3:55 p.m. New York time. The stock has climbed 14 percent this year, outpacing the nine percent advance of the S&P 500 Information Technolo