PayPal lays off 7% of its workforce
PayPal announced today that it will lay off about 7% of its workforce, which equates to roughly 2000 jobs. The online payment service is the latest company in the tech sector to announce layoffs.
PayPal, like many other eCommerce companies, grew heavily at the start of the global pandemic. Stay at home programs boosted online sales and PayPal's business benefitted from the development as people started to make more purchases online. In some regions, stores had to close for a period of time.
PayPal increased the number of employees significantly in 2020 and 2021. Worldwide employee count rose to 30900 in 2021. The employee count was 16800 at the end of 2015 and 26500 at the end of 2020, the first year of the pandemic.
CEO Dan Schulman confirmed that layoffs would happen over the coming weeks and that PayPal would treat its "departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required" and would "support them with their transitions".
Schulman says that PayPal has made "significant progress in strengthening and reshaping" the company to "address the challenging macro-economic environment".
The high inflation, the war in the Ukraine, supply-chain woes, and uncertain economic conditions impact most companies. Not all of PayPal's economic issues are caused by external factors. Some of them are home-made. PayPal's strategic shift from user growth to user engagement in early 2022 ended the company's incentive programs to attract new users and reactivate existing users. User growth slowed down as a consequence and the company had to admit that its incentive systems were also abused.
PayPal's shares fell from an all-time high of $300.21 in July 2021 to $66.39 in the past year. The stock is down less than 1% today and trades at $80.91 at the time of writing.
About 39000 PayPal customer accounts were hacked in December 2022.
This year alone, Microsoft, Amazon, Alphabet, IBM and other tech companies announced major lay offs.
Martin, I would appreciate that you do not censor this post, as it’s informative writing.
Onur, there is a misleading statement “[…] GIFs are animated images …”. No, obviously you don’t seem to have take much notice of what you were told back in March regarding; Graphics Interchange Format (GIF).
For example, https://www.ghacks.net/2023/03/31/whats-gif-explanation-and-how-to-use-it/#comment-4562919 (if you had read my replies within that thread, you might have learnt something useful). I even mentioned, “GIF intrinsically supports animated images (GIF89a)”.
You linked to said article, [Related: …] within this article, but have somehow failed to take onboard what support you were given by several more knowledgeable people.
If you used AI to help write this article, it has failed miserably.
EMRE ÇITAK posts are useless because they are fraught with inaccuracies and are irrelevant.
AI is stupid, and it will not get any better if we really know how this all works. Prove me wrong.. https://www.youtube.com/watch?v=4IYl1sTIOHI
Martin, [#comment-4569908] is only meant to be in: [https://www.ghacks.net/2023/07/09/how-to-send-gifs-on-iphone-two-different-ways/]. Whereas it appears duplicated in several recent random low-quality non relevant articles.
Obviously it [#comment-4569908] was posted: 9 July 2023. Long before this thread even existed… your database is falling over. Those comments are supposed to have unique ID values. It shouldn’t be possible to duplicate the post ID, if the database had referential integrity.
Don’t tell me!
Ghacks wants the state to step in for STATE-MANDATED associations to save jobs!!!
Bring in the dictatorship!!!
And screw Rreedom of Association – too radical for Ghacks maybe
GateKeeper ?
That’s called “appointing” businesses to do the state’s dirty work!!!!!
But the article says itself that those appointed were not happy – implying they had not choice!!!!!!
Rreedom of Association is one of our most important rights. Some people think it’s Freedom, but no, I say Rreedom is far more important. There are many STATE-MANDATED associations that save jobs, that’s right MANDATED. I can’t name any of them, but rest assured they are bad, because saving jobs are bad, and people having jobs leads to dictatorship!!! Anyone who disagrees is too radical for Ghacks maybe, because I’m not sure.
@The Dark Lady,
@KeZa,
@Database failure,
@Howard Pearce,
@Howard Allan Pearce,
Note: I replaced the quoted URI scheme: https:// with “>>” and posted.
The current ghacks.net is owned by “Softonic International S.A.” (sold by Martin in October 2019), and due to the fate of M&A, ghacks.net has changed in quality.
>> ghacks.net/2023/09/02/microsoft-is-removing-wordpad-from-windows/#comment-4573130
Many Authors of bloggers and advertisers certified by Softonic have joined the site, and the site is full of articles aimed at advertising and clickbait.
>> ghacks.net/2023/08/31/in-windows-11-the-line-between-legitimate-and-adware-becomes-increasingly-blurred/#comment-4573117
As it stands, except for articles by Martin Brinkmann, Mike Turcotte, and Ashwin, they are low quality, unhelpful, and even vicious. It is better not to read those articles.
How to display only articles by a specific author:
Added line to My filters in uBlock Origin: ghacks.net##.hentry,.home-posts,.home-category-post:not(:has-text(/Martin Brinkmann|Mike Turcotte|Ashwin/))
>> ghacks.net/2023/09/01/windows-11-development-overview-of-the-august-2023-changes/#comment-4573033
By the way, if you use an RSS reader, you can track exactly where your comments are (I’m an iPad user, so I use “Feedly Classic”, but for Windows I prefer the desktop app “RSS Guard”).
RSS Guard: Feed reader which supports RSS/ATOM/JSON and many web-based feed services.
>> github.com/martinrotter/rssguard#readme
We all live in digital surveillance glass houses under scrutiny of evil people because of people like Musk. It’s only fair that he takes his turn.
“Operating systems will be required to let the user choose the browser, virtual assistant and search engine of their choice. Microsoft cannot force users to use Bing or Edge. Apple will have to open up its iOS operating system to allow third-party app stores, aka allow sideloading of apps. Google, on the other hand, will need to provide users with the ability to uninstall preloaded apps (bloatware) from Android devices. Online services will need to allow users to unsubscribe from their platform easily. Gatekeepers need to provide interoperability with third-parties that offer similar services.”
Wonderful ! Let’s hope they’ll comply with that law more than they are doing with the GDPR.
No, they didn’t lmao.
https://twitter.com/vxunderground/status/1706523877478670542
What does this article about Musk/Tesla have to do with computing, devices, phones?
More irelevant filler.
yeah sure… they are always the victims and it is only against them ????
Believe them 100% and never question anything. This lawsuit sounds like the type you heard when people were eating batteries.