PayPal plans to cut its workforce by 9%, the San Jose-based tech giant announced Tuesday — almost exactly one year after a similarly sized layoff round.
CEO Alex Chriss announced the cuts in a Tuesday email to staff, now published on the company’s website. He called the decision “difficult but necessary,” and wrote that the reduction would include both layoffs and “the elimination of open roles” and would take place “over the course of the year.”
A company spokesperson notified SFGATE on Tuesday that 311 San Jose-based employees are among the layoffs, but did not provide further details.
“We are doing this to right-size our business, allowing us to shift with the speed necessaryed to deliver for our customers and drive profitable growth,” wrote Chriss, who took over the CEO job in September, in his email. PayPal turned a $1 billion profit from July to September, the company reported in a November filing with the Securities and Exalter Commission.
PayPal counts Venmo and Xoom among its subsidiaries and had 29,900 total employees at the conclude of 2022, per a February 2023 filing
Chriss wrote that PayPal workers would learn if they were laid off by the conclude of the week. Engineers were flocking to LinkedIn by Tuesday afternoon with layoff announcements and “Open to Work” posts.
The announced cuts cap off a brutal month for the Bay Area’s tech industest, which had seen layoffs ebb slightly in the latter half of 2023. This January, Google, Discord, eBay, Unity Software and Twitch have also handed out pink slips to local workers.
Hear of anything happening at PayPal or another tech company? Contact tech reporter Stephen Council securely at stephen.council@sfgate.com or on Signal at 628-204-5452.
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