PayPal has recently declared its intention to trim approximately 9% of its workforce, joining a trend among various tech giants like Amazon and eBay that have implemented staff reductions early in the new year.
The CEO of PayPal, Alex Chriss, clarified that the layoffs are crucial for the company's advancement in adopting new technologies, as reported by CNN Business.
In a letter to the staff, Chriss stated, "Specifically, across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication."
Several other tech industry players, including eBay, Google, and Amazon, have also disclosed plans for workforce reductions, citing the challenging macroeconomic environment.
Google's CEO Sundar Pichai initiated the new year by cautioning about potential future layoffs.
eBay recently announced a workforce reduction of 1,000 employees, constituting about 9% of its workforce, while Amazon is poised to cut hundreds of jobs, including positions at Twitch.
Additionally, language-learning platform Duolingo has downsized around 10% of its contract workers as part of a shift towards increased reliance on artificial intelligence (AI).
According to Layoffs.fyi, by Tuesday afternoon, a total of 98 tech companies had already laid off over 25,000 employees in 2024 alone. This follows a trend observed in the previous year when more than 262,595 layoffs were reported across over 1,100 companies, according to database records.
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