According to a statement on the company's website, PayPal made the announcement on tuesday that it will be letting go of 2,000 people, or around 7% of its workforce. The company has made headway in concentrating its resources and cutting expenses, but more work needs to be done, according to CEO Dan Schulman, who said that the layoff is a response to the present macroeconomic circumstances. 

Schulman acknowledged that it is difficult to let go of cherished coworkers, but the business will overcome the difficulty by relying on its broad platform, core competencies, and consumer confidence. The layoffs at PayPal are the most recent in a string of job losses in the tech sector, which have also been announced by businesses including Workday, Google, Microsoft, and Salesforce.

As it struggles with a macroeconomic slowdown that has negatively impacted the company's revenue in recent quarters, PayPal Holdings Inc. announced it will lay off 2,000 employees. Chief Executive Officer Dan Schulman informed staff in a memo that the cuts, which will effect around 7% of the workforce, would take place soon. However, the slowing in growth of payments on its network after the epidemic, which sparked a wave of online spending, started to fade, has hurt the company's shares.

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