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PayPal Begins Layoffs, Plans to Shut Down San Francisco Office

The company is looking to reduce spending, but says it will not
freeze hiring.

By
Passant Rabie
Today 12:15PM
Comments (7)
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A woman holds a smartphone with the logo of the payment service
Paypal.
More users are returning to in-person shopping following the ease of
pandemic restrictions.Image: Sebastian Kahnert (AP)

PayPal has reportedly started laying off employees this week from its
offices in Chicago, Omaha, Nebraska and Chandler, Arizona, in an
effort to reduce its spending. The financial technology company is
also planning to shut down its San Francisco office, but will not
freeze its hiring, according to TechCrunch.

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83 workers at PayPal were impacted by the latest decision. Last month
the company also announced plans to close its office in San
Francisco. A spokesperson from the company told TechCrunch that
PayPal is "constantly evaluating how we work to ensure we are
prepared to meet the needs of our customers and operate with the best
structure and processes to support our strategic business priorities
as we continue to grow and evolve."

The company has been struggling to meet its profit goals, lowering
its full-year profit outlook from between $4.60 to $4.75 on a per
share basis to $3.81 and $3.93. The company's Chief Executive Officer
Dan Schulman said that it was hard to predict the spending habits of
consumers on e-commerce platforms as people emerge from the pandemic
lockdown, making 2022 a difficult year to forecast, according to
Reuters. PayPal also cut ties with its former parent company eBay in
June of last year, and eBay has been transferring its payments away
from the financial platform since then.

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As a result, the company is looking to cut back on its spending.
PayPal's spending has increased by a measly 15% in the first quarter
of the year to $323 billion, marking the smallest increase in the
past five years for the company, according to Bloomberg.

PayPal isn't the only company having to deal with layoffs. Netflix, 
Cameo, Robinhood, and Carvana, are among the lengthy list of
companies that have cut their workforce in recent weeks.

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