PayPal Holdings Inc will need to cut more costs with its payment volumes expected to shrink as customers batten down the hatches to prepare for a potential economic downturn, said Wall Street analysts, warning of a tough year ahead.
The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustrationwill need to cut more costs with its payment volumes expected to shrink as customers batten down the hatches to prepare for a potential economic downturn, said Wall Street analysts, warning of a tough year ahead.7% of its workforce, or around 2,000 employees, a move in line with analyst expectations and the firm's previous commitment to rein in costs.
PayPal has been under pressure for most of last year, as surging inflation and fears of a recession limited digital payments and e-commerce spending. "Improving margins has increasingly been a focus for management over the past year, possibly in part due to pressure from activist Elliott Investment Management, and this looks like another step in that direction," Morningstar analyst Brett Horn said.
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