According to an article posted by CNA, PayPal Holdings, has plans to retrench around 2,000 workers which is equivalent to about 7% of its manpower strength.
This move comes after PayPal Holdings were also affected by the slowdown of the economy.
Many other fintech firms had also been affected by the slowdown.
Statement (extract) by PayPal’s CEO
In a statement by the Chief Executive of PayPal, Dan Schulman, he said:
“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”
Shares of PayPal rose
During the afternoon’s trading, the shares of PayPal Holdings rose around 2.4 percent.
Back in November, while anticipating a broader economic downturn, PayPal had cut its forecast on is yearly revenue growth and also said that the company does not expect that in the holiday quarter, the growth of the USA e-commerce business would be significant.
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