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PayPal joins tech layoff wave with major workforce reduction
PayPal announces a 9% workforce reduction, joining the likes of Google and Microsoft in a wave of layoffs sweeping the tech industry.
PayPal’s shares have seen a significant decline, dropping over 20% in the past year amid faltering earnings and lowered guidance for its full-year adjusted operating margin. Several major companies, including Google and Microsoft, have also announced significant job cuts, reflecting the challenges faced by the sector in the current economic climate. This decision is part of Microsoft’s broader strategy to streamline operations and focus on key growth areas, particularly as the company integrates the newly acquired Activision Blizzard.
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