Feb 1, 2023
Tech layoffs: PayPal cuts 2,000 jobs as global economy weakens
PayPal is shedding around 2,000 jobs, or 7% of its workers, as it becomes the latest big tech firm to cut costs. PayPal's announcement follows tens of thousands of layoffs by technology giants in the last month alone. This year, Google's parent company Alphabet, Amazon and Microsoft have announced major job cuts. At the start of this year, Amazon announced it planned to cut more than 18,000 jobs because of "The uncertain economy" and rapid hiring during the pandemic. The South Korean company reported a worse-than-expected 1.7tn won loss for the last three months of 2022, as sales fell by 38%. The firm pointed to falling computer chip prices and joined rival technology giants as it warned that it expects an industry-wide downturn to worsen in the coming months, before recovering later in the year.
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