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Payments firm PayPal to cut about 2,500 jobs or 9% of a global workforce

Layoffs 2024: PayPal Holdings, a payments company, is considering laying off 2,500 employees worldwide in 2024, or 9% of its total workforce. CEO Alex Chriss disclosed the proposal in a letter dated January 30.

#PayPal laying off about 2,500 employees to 'right-size' the company

Read: https://t.co/ySpzZpDzeB pic.twitter.com/l6FcAGA0lv
— IANS (@ians_india) January 31, 2024

“Today, I am writing to share the difficult news that, over the year, we will be eliminating open roles and directly reducing our global workforce by approximately 9%,” Chriss stated in an official statement.

The newly appointed CEO, Chriss, wrote a letter to the staff explaining that the company had decided to “right-size” itself by eliminating unfilled positions and making direct layoffs over the year. By the end of the week, notice is anticipated to be given to the impacted staff members.

PayPal declared last week that it was pursuing features involving artificial intelligence. It was Chriss’s first significant statement since taking over as CEO of Intuit, the financial technology business that makes TurboTax, in September. Faster checkout times, AI-powered merchant recommendations for consumers, and a revamp of consumer apps are just a few of the AI features. Chriss referred to it as the start of PayPal’s “next chapter.”

Intel will be layoffs its workforce to reduce costs

On Monday, semiconductor chip manufacturer Intel confirmed that it plans to cut its workforce to reduce costs amid a wave of layoffs in the tech industry.

In order to maintain long-term growth, the company noted the necessity to accelerate its plan in a difficult macroeconomic climate while continuing to invest in key parts of its operations, like its manufacturing facilities in the United States.

In response to a decline in personal computer sales, Intel posted its greatest quarterly loss in corporate history last month. The first quarter’s net loss was $2.8 billion while revenue decreased by 36% from the prior year.

Chip manufacturer #Intel has confirmed that it plans to further cut its workforce to reduce costs while navigating a challenging macro-economic environment, as tech #layoffs continue unabated. pic.twitter.com/Znm3jCY229
— IANS (@ians_india) May 9, 2023

Dukaan Layoffs: SaaS platform for online stores Dukaan layoffs nearly 30% of its workforce

Dukaan, a SaaS platform for online stores, layoffs nearly 30 percent of its workforce, or around 60 employees. This is the company’s second layoff in about six months.

Employees on the sales team and in accounts were affected by the most recent layoffs, according to Inc42. The retail technology platform “changed its focus to helping D2C brands expand up, and this was the reason for the layoffs,” the article claims.

SaaS platform for online stores #Dukaan laid off nearly 30% of its workforce, or around 60 employees, its second #layoff in about 6 months.

According to report, It "shifted its focus to helping D2C brands scale up and this was the reason for the #layoffs". pic.twitter.com/3nWH3r5U4i
— IANS (@ians_india) March 16, 2023

Meta is preparing for a massive layoff! After Twitter, now there is a crisis of jobs on Facebook-Instagram

In light of rumors of a global economic recession, Meta Platforms Inc., the parent corporation of Facebook, is currently preparing for significant layoffs. This information was provided in one of The Wall Street Journal’s reports. In the Journal, quotes from people familiar with the situation were used to report this information.

According to the newspaper’s story, job layoffs might start as soon as Wednesday. The corporation has reportedly already requested that staff cancel any non-essential travel plans for this week. In a statement to the Wall Street Journal, a Meta spokeswoman declined to comment.

The plan for layoffs was created in September by CEO Mark Zuckerberg. In response to the key sites Facebook and Instagram’s slowing growth, the plan called for restructuring teens and lowering headcount. It’s possible that the meta in 2023 will be smaller than it is this year, Zuckerberg continued.

What is the reason for layoffs?

The use of meta products is widespread worldwide. Facebook, Instagram, and WhatsApp are a few of these. However, the corporation has had to make significant investments in the Metaverse industry in an effort to elevate the Internet. The investment’s expected rewards have not yet begun. The business is challenging to grow in such a circumstance.

The severe recession in the US stock markets, on the other hand, has caused a significant decline in the price of Facebook (Meta) shares. The company’s shares have fallen by nearly 73 percent over the past year. The value of Mark Zuckerberg has decreased in a comparable way.

The jobs crisis in Silicon Valley

Reduced headcount will make the Silicon Valley employment issue worse. After Elon Musk successfully finalized a $44 billion takeover of the social media network, Twitter Inc. last week closed nearly 3,700 positions. Lyft Inc., a ride-hailing company, and Seagate Technology Holdings Plc, a producer of hard drives, are two additional businesses that have downsized or plan to reduce their staff (Seagate Technology Holdings Plc.).