PayPal is set to axe around 2500 jobs – nine per cent of its workforce – as new CEO Alex Chriss bids to take on increasing competition and a falling share price.
In a letter to employees, seen by Bloomberg, Chriss says the decision to “right-size” will help PayPal “move with the speed needed to deliver for our customers and drive profitable growth”.
The firm will make direct cuts and eliminate open roles throughout the year, according to Bloomberg.
Chriss took over PayPal in September after PayPal missed revenue, adjusted operating margin and net new active users targets the previous year.
The company’s stock is down more than 20% since last January and a host of new AI-driven features unveiledearlier this month failed to impress the market.
A year ago, PayPal said it would cut 2000 jobs, with then-CEO Dan Schulman saying the company had to reshape to address the challenging macro-economic environment.
