PayPal Plans to Cut 9% of Workforce, Adding to Wave of Tech Layoffs

Key TakeawaysPayPal said Tuesday it is cutting 9% of its total workforce; its shares fell more than 1% a day after.The digital payment company cuts come as several tech companies, including Salesforce, Microsoft, Google, and Amazon, announce layoffs this month.Nick Bunker, economic research director at Indeed’s hiring lab, said that the "layoffs [do] not represent what was happening in the rest of the U.S. labor market" as companies "adjust to the current economic outlook after a burst of hiring in 2021."Pa ...