Paypal wants to cut 2,000 jobs worldwide

PayPal said it will cut about 7 percent of its total workforce, or about 2,000 full-time employees.

The digital payments company will roll out the cuts over several weeks, with some of its organizations being hit harder than others.

It employs more than 2,000 people in Ireland and it’s unclear how its Irish workforce will be affected.

PayPal is the parent company of Venmo, Xoom, and Honey, among others.

It said it was making the cuts because of what it called “the challenging macroeconomic environment”.

Based in San Jose, California, the company is the latest company in the technology sector to issue layoffs.

In January alone, Google, Microsoft and Salesforce announced tens of thousands of layoffs.

Last summer, activist investor Elliott Management bought a stake worth around $2 billion at the time.

“Over the past year, we’ve made significant strides in strengthening and reshaping our business to address the challenging macroeconomic environment while continuing to invest to meet the needs of our customers,” said Dan Schulman, PayPal’s President and CEO, am Tuesday in a statement.

“While we’ve made significant progress in adjusting our cost structure and focusing our resources on our core strategic priorities, we still have work to do.”

PayPal is expected to release quarterly results on February 9th.

The company’s shares have fallen about 53 percent over the past year.