PayPal cuts 2,000 jobs as global economy weaken

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PayPal is shedding nearly 2,000 jobs, or 7% of its workforce, as it becomes the latest big tech firm to cut costs.

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The online payments company believes that the challenging macro-economic environment it is facing has forced it to take a decision

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PayPal's announcement follows thousands of layoffs by the technology giant in the past month alone.

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This year, Google's parent company Alphabet, Amazon and Microsoft have announced a large number of job cuts.

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Also on Tuesday, Snap -- the parent company of social media platform Snapchat -- warned that revenue could decline by up to 10% for the three months through the end of March.

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Snap shares fell about 15% in extended trading in New York following the announcement.

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Earlier this year Amazon announced it planned to cut more than 18,000 jobs due to an uncertain economy and rapid hiring spree during the pandemic.

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Also this month, Alphabet said it would eliminate 12,000 jobs while Microsoft said up to 10,000 employees would lose their jobs. Which is very sad.

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Last week, Swedish music-streaming giant Spotify said it would cut 6% of its roughly 10,000 employees, citing a need to improve efficiency.

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In Asia on Wednesday, SK Hynix, the world's second-largest memory chip maker, reported its biggest quarterly loss on record.

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The South Korean company reported a worse-than-expected 1.7 trillion won ($1.4bn; £1.1bn) loss in the last three months of 2022 as sales plunged 38%.

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