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Payments company PayPal is laying off 2,500 employees, nine percent of its workforce. The company must downsize to "move at the speed needed to drive profitable growth.

PayPal is facing increasing competition in the digital payments industry. Rivals such as Apple Pay and Square have gained popularity and market share, putting pressure on PayPal's business.

In addition, profit margins have narrowed in recent quarters due to rising costs. PayPal shares have fallen more than 20 percent in the past year as the company has lowered its financial expectations.

PayPal currently employs about 30,000 people worldwide. Upon completion of the latest round of layoffs, the number of employees will be reduced to about 27,000.

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