PayPal slashing 2,000 jobs
(005320.38-:E-003569.93:N-HO:R-SU:C-30:V)
PayPal Holdings Inc. said it will cut 2,000 staffers as it contends with a macroeconomic slowdown that’s weighed on the firm’s business in recent quarters.
The cuts, which will affect about 7% of employees, will take place in the coming weeks, chief executive officer Dan Schulman told employees in a memo.
“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,” Schulman said.
PayPal’s stock has been battered by the slowdown in growth in payments volume on its platform after the pandemic began to recede.
In response, the company has vowed to reduce expenses — including through job cuts and the shuttering of offices across the country.
Those moves should have helped the company notch $900 million in savings last year and at least an additional $1.3 billion in 2023, Schulman has said.
The 65-year-old CEO has been vocal about his plans to improve his firm’s operating leverage — or the ability to grow revenue faster than expenses.
PayPal shares jumped 1.9% to $81.14 at 3:55 p.m. in New York.
The stock has climbed 14% this year, outpacing the 9% advance of the S&P 500 Information Technology Index.
PayPal — like many other so-called pandemic darlings — saw headcount swell when the virus forced governments around the world to issue lockdown orders, spurring consumers to do more shopping online.
Now, as those orders have lifted and supply chains remain under pressure, consumers have returned to in-store shopping in droves.
PayPal is expected to report that payments volume on its many platforms climbed to $1.4 trillion last year, according to analyst estimates compiled by Bloomberg.
While that’s a 9.6% increase from a year earlier, that would still mark the lowest level of growth in the firm’s history as a public company, the data show.
“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,” Schulman said.
“We must continue to change as our world, our customers, and our competitive landscape evolve.”
Source: https://mybroadband.co.za/news/business/478501-paypal-slashing-2000-jobs.html
Video: WW2: The horrific story of The Blitz Lie and how British weapons killed British civilians
This is a British guy who is making these accurate videos telling the horrific truth about The Blitz.
Video: BANNED: Adolf Hitler: The Messiah Part 2
I discuss the impossible achievements of Hitler & the NATIONAL SOCIALISTS. Why do we fight? Hitler & the Germans were already experienced soldiers whereas we are 21st century geek boys.
Video: Tom Metzger & Jan: How Jewish Money & White Greed; Destroys successful White societies
This is one of the most fascinating discussions Ive had with Tom. We end up discussing whites and what actually works for whites. The highlight is when we get into the topic of the Confederates and slavery and how the economy made more money when whites owned their own little farms and produced their own goods.