PayPal said Tuesday it will trim about 7% of its total workforce, or about 2,000 full-time workers, as the digital payments company contends with what it calls “the challenging macro-economic environment.”
PayPal said it will make the cuts over several weeks, with some of its organizations affected more than others. The company did not further specify. PayPal is the parent of Venmo, Xoom and Honey, among other brands.
The company based in San Jose, California, is the latest in the technology sector to trim its headcount. During the month of January alone, Google, Microsoft and Salesforce announced tens of thousands of layoffs.
PayPal Holdings Inc. is scheduled to report quarterly results Feb. 9.
Shares of the company are down about 53% in the past year. They rose 2.3% to close Tuesday at $81.49.
Feds probe parts flying off of Ford Explorers
The U.S. government’s road safety agency is investigating complaints that windshield trim panels can fly off of Ford Explorers while they’re traveling at highway speeds.
The National Highway Traffic Safety Administration says it has 164 complaints about the trim pieces detaching on 2011 through 2019 Explorer SUVs. The probe covers about 1.86 million vehicles.
The parts could hit the windshield of following vehicles or even a motorcycle rider, possibly causing loss of control and a crash, the agency said.
The agency doesn’t have any reports of crashes or injuries, according to a document posted Tuesday.
The investigation could lead to a recall, but so far there hasn’t been one.
Ford says it’s working with NHTSA on the investigation.