PayPal has develop into the newest know-how firm to announce wide-spread layoffs, with the corporate set to chop 2,000 jobs, about 7% of its workforce.

In a message shared with PayPal workers and since posted on the corporate’s on-line newsroom, President and CEO Dan Schulman stated whereas PayPal had made “vital progress…to handle the difficult macro-economic setting” over the previous 12 months, “now we have extra work to do.”

The job cuts will happen over the approaching weeks, with some components of the enterprise impacted greater than others, Schulman added with out sharing the specifics. 

“We’ll deal with our departing colleagues with the utmost respect and empathy, present them with beneficiant packages, interact in session the place required, and help them with their transitions,” he stated.

Though the corporate beat expectations in November when it reported its third quarter monetary outcomes, PayPal did downgrade its forecast for the fourth quarter of 2022, citing a difficult macro setting, slowing ecommerce traits, and an unpredictable vacation procuring season. PayPal is about to report its 2022 fourth quarter monetary outcomes on February 9.

The information comes on the finish of one other difficult month for know-how employees, with Google, Microsoft, Salesforce and Amazon all asserting in January that they’d be shedding a mixed complete 48,000 employees throughout the globe.