In recent months, the business has joined many IT companies that have announced layoffs. Google announced intentions to let off 12,000 people, or around 6% of its worldwide workforce, earlier this month. Microsoft has already said that it will lay off 10,000 employees. Like his predecessors at Microsoft, Google and other major businesses, Schulman blamed PayPal’s layoffs on the “difficult macro-economic climate” the company finds itself in lately. “We have made significant progress in right-sizing our cost structure and focusing our resources on our key strategic goals,” he added.
