PayPal is slashing 83 employees from its headquarters in North San Jose, California.
The layoffs will mostly affect engineers, managers, and directors at the company’s First Street offices.
The redundancies will take effect between April 13 and May 27, and some of the employees will have already been laid off.
A company representative said: “PayPal is constantly evaluating how we work to ensure we are prepared to meet the needs of our customers and operate with the best structure and processes.”
“PayPal remains fully committed to the Bay Area and to California and we will continue to invest in our business and people working within the state.”
PayPal subsidiary Xoom said last month that it will close its San Francisco operations in June.
The cuts come as the business has struggled to achieve Wall Street’s and its own expectations, causing it to reduce full-year earnings projections last month.
This happened after the company told analysts in February that its revenue and earnings for the year would fall short of their predictions, causing its shares to plunge about 25%.
PayPal has stated inflation, Russia’s invasion of Ukraine, and overall economic instability are affecting its business.
Source: The Business Journals