PayPal is laying off 251 employees at its San José headquarters in another round of layoffs, part of a multiyear restructuring plan led by CEO Enrique Lores to cut costs and invest in AI. The company plans to reduce its workforce by 20% over two to three years, saving about $1.5 billion. PayPal's second-quarter net income fell 12% to $1.26 billion, and its shares have dropped over 15% in the past year. The layoffs follow a failed takeover attempt by Stripe and Advent International, and reflect broader tech industry job cuts as companies prioritize AI.
PayPal Holdings IncPayPal cuts 251 jobs and plans 20% workforce reduction to save $1.5B, with Q2 net income down 12%.
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