PayPal is the latest company to announce job cuts and layoffs in the tech industry. They are letting off 9% of their staff. PayPal’s president and CEO Alex Chriss said in a letter, “We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth.”
PayPal isn’t the only company that will have layoffs; nearly 100 tech companies have let go of more than 25,000 employees.
eBay will cut 9% of their workforce because the company’s “overall headcount and expenses have outpaced the growth of our business,” Jamie Iannone, CEO said in a memo.
Duolingo cut 10% of their employees; Discord will cut 17% of their staff; Amazon plans to cut “several hundred” employees in their Prime Video and MGM Studios divisions; Google already laid off hundreds; and plans to cut more; Twitch plans to cut 35% of their staff; Unity Software will cut 25% of their staff; Microsoft will cut 8% of their positions; Block will layoff more than 8%; iRobot will cut about 350 jobs; and Wayfair will slash 1,650 jobs to name some.
Along with tech layoffs, several companies are also announcing they will be cutting their workforce throughout this year as well; UPS will layoff 14% of their managers; Citigroup will cut 20,000 positions; BlackRock will cut 3% of their workforce; Rent the Runway is cutting 10% of their corporate jobs; Flexport will cut 20% of their employees; and Nike announced a $2 billion cost-cutting plan and an undisclosed amount of staff members to name a few.
By - SC
