New York
CNN
—
PayPal is reducing about 9% of its workforce, the corporate mentioned Tuesday.
The layoffs be part of the lengthy checklist of tech firms that have trimmed workers, from Amazon to eBay, in simply the primary month of the brand new yr.
CEO Alex Chriss cited the necessity to push ahead on new expertise.
“Particularly, throughout our group, we have to drive extra focus and effectivity, deploy automation, and consolidate our expertise to scale back complexity and duplication,” he wrote in a letter despatched to workers Tuesday.
Final week, eBay mentioned it is laying off 1,000 employees, or about 9% of its workers, additionally citing the macroeconomic atmosphere. Google CEO Sundar Pichai began the brand new yr warning of further layoffs ahead. Amazon will cut hundreds of jobs, together with at Twitch. Duolingo laid off around 10% of its contract workers because it strikes to rely extra closely on synthetic intelligence.
As of Tuesday afternoon, 98 tech firms have laid off greater than 25,000 staff thus far in 2024, based on Layoffs.fyi. Final yr noticed 262,595 layoffs in additional than 1,100 firms, based on the database.
Correction: A earlier model of this text incorrectly recognized the variety of job cuts PayPal was making, misidentified the CEO and used an old-fashioned quote. PayPal introduced layoffs of about 9% of the corporate and its CEO is Alex Chriss.