Paypal to cut 2,000 jobs globally following Meta and Google layoffs

The digital payments company will make the cuts over several weeks, with some of its organisations affected more than others.

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

In May last year, the company announced plans to cut 172 roles from its Dundalk site, as well as 135 roles in Dublin.

PayPal is the parent of Venmo, Xoom and Honey, among other brands.

It said it was making the cuts due to what it called “the challenging macro-economic environment”.

The company, based in San Jose, California, is the latest in the technology sector issue redundancies.

During the month of January alone, Google, Microsoft and Salesforce announced tens of thousands of layoffs.

Last summer, activist investor Elliott Management bought a stake then worth about $2bn in PayPal, which said it had entered into an "information-sharing agreement" with Elliott "to continue collaboration across a range of value-creation opportunities".

"Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers' needs," PayPal president and CEO Dan Schulman said on Tuesday in a statement.

"While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."

PayPal is scheduled to report quarterly results on February 9.

Shares of the company are down about 53pc in the past year.