PayPal Begins Staff Cuts to Reduce Costs, Reports Bloomberg

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PayPal Begins Staff Cuts to Reduce Costs, Reports Bloomberg

By Sam Boughedda -- PayPal Holdings Inc (NASDAQ: PYPL ) has begun laying off staff in risk management operations in a bid to reduce costs, Bloomberg reported on Thursday.

The report states PayPal has made the move to shore up profits after its growth stagnated in recent quarters.

Bloomberg, citing sources familiar with the matter, said PayPal cut dozens of staff members who worked in Chicago, Nebraska, Omaha, and Chandler, Arizona.

Earlier this month, the company said it would lay off over 800 employees at its headquarters in San Jose, California, while it is also proposing to cut more than 300 staff members in Ireland.

Last month PayPal said supply chain disruptions were impacting eCommerce sales, while the mix of spending in stores and virtually made it hard to forecast its business. The company cut guidance as a result.

PayPal stock is down 57.5% in 2022 and over 69% in the last 12 months, trading well below pandemic highs of over $300 per share. Shares are up 0.3% Thursday.

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