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White House National Economic Council Director Kevin Hassett joins ‘Mornings with Maria’ to break down soaring markets, falling oil prices, U.S.-Iran progress, and a strong economy driven by tax policy, investment and consumer spending.<\/p>\n
PayPal is reportedly weighing cuts of up to 20% of its workforce as the payments giant ramps up cost-cutting efforts under new leadership.<\/p>\n
The potential layoffs come as PayPal faces mounting pressure on profitability despite continued revenue growth.<\/p>\n
FOX Business reached out to PayPal for comment.<\/p>\n
Bloomberg and The Wall Street Journal reported that the company could cut as much as one-fifth of its staff as part of a broader restructuring push.<\/p>\n
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PayPal branding seen at their exhibition area at the Tokyo Game Show 2025. (Stanislav Kogiku\/SOPA Images\/LightRocket via Getty Images)<\/p>\n
PayPal reported first-quarter revenue of $8.35 billion, up 7% from a year earlier, while total payment volume rose 11% to $464 billion.\u00a0<\/p>\n
Net income fell to $1.11 billion from $1.29 billion a year earlier, though adjusted earnings of $1.34 per share beat expectations.\u00a0<\/p>\n
The company expects adjusted earnings to decline about 9% in the current quarter and maintained a cautious full-year outlook.\u00a0<\/p>\n
A sign is posted in front of PayPal headquarters on Feb. 2, 2023, in San Jose, California.\u00a0 (Justin Sullivan\/Getty Images)<\/p>\n
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New CEO Enrique Lores, who took over in March, is pushing to streamline operations and cut costs, including through greater use of artificial intelligence, Reuters reported.<\/p>\n
PayPal said those efforts are expected to generate roughly $1.5 billion in savings over the next two to three years, which it plans to reinvest into growth.<\/p>\n
A PayPal sign is seen at its headquarters on Jan. 30, 2024, in San Jose, California. (Justin Sullivan\/Getty Images)<\/p>\n
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The company has been grappling with intensifying competition from Big Tech and newer players such as Klarna and Stripe, while growth has cooled following a pandemic-era surge in digital payments, according to Reuters.<\/p>\n
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PayPal said it is working to “simplify” its organization and improve efficiency, with disclosures pointing to workforce reductions as part of broader restructuring efforts.\u00a0<\/p>\n
#PayPal #weighs #job #cuts #profit #falls #outlook #weakens<\/p>\n","protected":false},"excerpt":{"rendered":"
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