In a memo to staff announcing the layoffs, PayPal CEO Dan Schulman referred to the "challenging macro-economic environment" and said the company "must continue to change as our world, our customers, and our competitive landscape evolve."
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Much of the tech industry is cutting costs in response to a shift in pandemic-fueled demand for digital services and economic headwinds, including rising interest rates and fears of a looming recession. In January alone, Microsoft, Google-parent Alphabet and Salesforce each announced plans to cut thousands of workers.
Shares of PayPal are down more than 50% over the past year.
VIDEO: Efforts underway to recruit top talent after large-scale tech layoffs
Efforts underway to recruit talent after large-scale tech layoffs
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In his memo, Schulman said reductions will occur over the coming weeks and departing workers will be provided with "generous" severance packages.
"I want to express my personal appreciation for the meaningful contributions they have made to PayPal," Schulman said of the employees being let go.
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