Increasing inflation and economic slowdown continue to affect many companies around the world. PayPal, the online payment giant, has joined many technology companies such as Microsoft, Uber and Nvidia, which have decided to reduce the number of employees and freeze hiring in the past weeks.
Last quarter didn’t deliver what was expected
According to Bloomberg, Paypal, which has been reducing the number of workers for a long time, laid off staff working in risk management and operations in Chicago, Nebraska and Arizona, this time. These latest layoffs come after PayPal’s growth showed signs of slowing. Reporting that spending on the platform increased by 15 percent in the last quarter and reached $323 billion, PayPal saw the lowest figures in the last five years.
Return decided to shrink
Due to global supply shortages, certain products Paypal, which has spent 100 million dollars on layoffs, plans to save 260 million dollars a year within the scope of its restructuring plans, while the reasons such as not being found and the removal of pandemic restrictions and people returning to in-store shopping cause decreases in company revenue.
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