PayPal to cut 2,000 jobs in latest tech company cost-cutting

Last summer activist investor Elliott Management bought a stake then worth about $2 billion in PayPal, which said it had entered into an “information-sharing agreement” with Elliott “to continue collaboration across a range of value-creation opportunities.”

“Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers’ needs,” PayPal President and CEO Dan Schulman said Tuesday in a statement. “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.”Shares of the company are down about 53% in the past year.

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PayPal to cut 2,000 jobs in latest round of layoffs for tech industryOnline payments giant PayPal said Tuesday that it plans to cut 7% of its total workforce, joining other major Silicon Valley companies in announcing layoffs.
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PayPal plans to lay off 2,000 workers, or 7% of staff - Silicon Valley Business JournalAfter two rounds of job cuts last year, PayPal is shedding staff once again.
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PayPal plans to lay off 2,000 workers, or 7% of staff - Silicon Valley Business JournalAfter two rounds of job cuts last year, PayPal is shedding staff once again.
Fonte: svbizjournal - 🏆 334. / 59 Consulte Mais informação »