Oroville Mercury-Register

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


PayPal said Tuesday it will trim about 7% of its total workforce, or about 2,000 full-time workers, as the digital payments company contends with what it calls “the challengin­g macro-economic environmen­t.”

PayPal said it will make the cuts over several weeks, with some of its organizati­ons affected more than others. The company did not further specify. PayPal is the parent of Venmo, Xoom and Honey, among other brands.

Other cuts

The company based in San Jose, California, is the latest in the technology sector to trim its headcount. During the month of January alone, Google, Microsoft and Salesforce announced tens of thousands of layoffs.

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.”

PayPal Holdings Inc. is scheduled to report quarterly results Feb. 9.

Shares of the company are down about 53% in the past year. They rose 2.3% to close Tuesday at $81.49.

 ?? JEFF CHIU — THE ASSOCIATED PRESS FILE ?? PayPal headquarte­rs in San Jose on March 10, 2015.
JEFF CHIU — THE ASSOCIATED PRESS FILE PayPal headquarte­rs in San Jose on March 10, 2015.

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