The newly appointed PayPal CEO, Alex Chriss, has announced a “right-sizing” initiative involving a 9% reduction in workforce, equivalent to 2,500 jobs, throughout the year.
The decision aims to streamline operations for faster customer service and profitable growth.
Despite optimism about revenue diversification, increased competition, particularly from companies like Apple, has impacted the sales of PayPal’s branded products.
Investors anticipate Chriss, a former Intuit executive, will boost the company’s stock, which declined by almost 14% last year. Despite the job cuts, PayPal is introducing AI-driven products and a one-click checkout feature to maintain competitiveness.
