The online payments company becomes the latest tech employer to announce mass layoffs. Credit: Thinkstock PayPal has become the latest technology company to announce wide-spread layoffs, with the company set to cut 2,000 jobs, about 7% of its workforce. In a message shared with PayPal employees and since posted on the company’s online newsroom, President and CEO Dan Schulman said while PayPal had made “significant progress…to address the challenging macro-economic environment” over the past year, “we have more work to do.” The job cuts will occur over the coming weeks, with some parts of the business impacted more than others, Schulman added without sharing the specifics. “We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions,” he said. Although the company beat expectations in November when it reported its third quarter financial results, PayPal did downgrade its forecast for the fourth quarter of 2022, citing a challenging macro environment, slowing ecommerce trends, and an unpredictable holiday shopping season. PayPal is set to report its 2022 fourth quarter financial results on February 9. The news comes at the end of another challenging month for technology workers, with Google, Microsoft, Salesforce and Amazon all announcing in January that they would be laying off a combined total 48,000 workers across the globe. Related content feature Q&A: Insurance exec says AI nearly perfect when processing tens of thousands of documents In the second phase of a genAI pilot program, Sedgwick found it could process documents up to 30 pages long and summarize them in minutes, allowing claims administrators to reduce resolution time. By Lucas Mearian May 10, 2024 10 mins Chatbots Financial Services Industry Generative AI tip An awesome Android audio upgrade Whether you're dealing with mumblings from meetings, noises from notifications, or music from commute-time streaming, you've never experienced sound on your phone like this. By JR Raphael May 10, 2024 9 mins Mobile Apps Android Mobile news Strict return-to-work policies may be driving tech workers away In-office mandates aren’t great for employee retention, according to a university study that gathered data from workers at Microsoft, Apple and SpaceX. By Jon Gold May 09, 2024 3 mins Remote Work opinion Apple's worst ad ever? For a marketing company that doubles as a tech company, Apple's latest iPad Pro is incredibly tone-deaf. By Steven Vaughan-Nichols May 09, 2024 5 mins Apple Marketing and Advertising Industry iPad Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe