PayPal said Tuesday it will trim about 7% of its total workforce, or about 2,000 full-time workers, as the digital payments company contends with what it calls “the challenging macro-economic environment.”
Last summer activist investor Elliott Management bought a stake then worth about $2 billion in PayPal, which said it had entered into an “information-sharing agreement” with Elliott “to continue collaboration across a range of value-creation opportunities.”
“Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers’ needs,” PayPal President and CEO Dan Schulman said Tuesday in a statement. “While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do.”Shares of the company are down about 53% in the past year.
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