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PayPal Holdings announced on Tuesday (January 31) that it plans to cut 7% of its workforce, or about 2,000 employees.

PayPal CEO Dan Shulman said in a statement: “While we have made significant progress in optimizing our cost structure and focusing our resources on our core strategic priorities, more work remains to be done. There are,” he said.

The drive to contain costs comes as decades of high inflation have hit consumers’ purchasing power and they must also contend with the looming threat of recession.

The payments company’s shares rose about 2.4% in afternoon trading.

In November, PayPal cut its full-year revenue growth forecast in anticipation of a broader recession and said it expected less growth in its U.S. e-commerce business over the holiday season. PayPal lays off 7% of employees to cut costs

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