U.S. markets open in 8 hours 29 minutes
  • S&P Futures

    4,272.75
    -4.00 (-0.09%)
     
  • Dow Futures

    33,943.00
    -20.00 (-0.06%)
     
  • Nasdaq Futures

    13,473.75
    -19.50 (-0.14%)
     
  • Russell 2000 Futures

    1,989.50
    +0.40 (+0.02%)
     
  • Crude Oil

    88.18
    +0.07 (+0.08%)
     
  • Gold

    1,776.80
    +0.10 (+0.01%)
     
  • Silver

    19.60
    -0.13 (-0.64%)
     
  • EUR/USD

    1.0170
    -0.0010 (-0.10%)
     
  • 10-Yr Bond

    2.8930
    0.0000 (0.00%)
     
  • Vix

    19.90
    +0.21 (+1.07%)
     
  • GBP/USD

    1.2041
    -0.0011 (-0.09%)
     
  • USD/JPY

    135.0870
    -0.0030 (-0.00%)
     
  • BTC-USD

    23,392.40
    -675.39 (-2.81%)
     
  • CMC Crypto 200

    556.33
    -16.48 (-2.88%)
     
  • FTSE 100

    7,515.75
    -20.31 (-0.27%)
     
  • Nikkei 225

    28,972.10
    -250.67 (-0.86%)
     

PayPal Lays Off Employees As Growth Stagnates After Pandemic Recovery, Supply Chain Disruptions

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • PayPal Holdings, Inc (NASDAQ: PYPL) began laying off risk management and operations employees working in Chicago, Omaha, Nebraska, and Chandler, Arizona, this week, Bloomberg reports.

  • PayPal ended 2021 with 30,900 employees, a 33% increase from pre-pandemic levels.

  • PayPal incurred $20 million in costs tied to its restructuring in the first three months of the year. This year, PayPal looks to incur an additional $100 million in restructuring charges.

  • The job cuts will help it save about $260 million annually in employee-related costs.

  • PayPal previously announced plans to permanently lay off over 80 people in its headquarters in San Jose, California.

  • PayPal aims to drive its operating leverage following a transactional slowdown in its platform in recent quarters after the pandemic recovery.

  • PayPal’s platform spending grew by only 15% in the first quarter to $323 billion, the lowest in five years. Supply chain disruptions impeded e-commerce purchases, and more consumers returned to in-store shopping.

  • The firm’s former parent company eBay Inc (NASDAQ: EBAY), also rapidly migrated payments away from PayPal’s platform.

  • Price Action: PYPL shares traded higher by 1.39% at $81.54 premarket on the last check Friday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.