In a move aimed at streamlining operations, PayPal has announced plans to cut approximately 2,500 jobs, equating to around 9 per cent of its worldwide staff, according to a letter from CEO Alex Chriss
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In the internal memo addressed to employees, Chriss outlined the decision to "right-size" the company, which will involve both direct layoffs and the elimination of unfilled positions.
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Affected staff members are anticipated to receive notifications by the week's end.
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The communication was subsequently shared on PayPal's website following the close of the market.
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The company's shares saw a marginal decline of 0.13 per cent by the end of the trading day.
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In a separate development, PayPal unveiled plans to introduce new artificial intelligence-driven products and a one-click checkout feature last week.
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Meanwhile, competitor Block, led by Twitter co-founder Jack Dorsey, has also initiated job cuts this week as part of its previously announced strategy to trim headcount and streamline expenses.