PayPal is shedding around 2,000 jobs, or 7% of its workers, as it becomes the latest tech firm to cut costs.
As our world, our customers, and our competitive landscape evolve, we must continue to change," said Dan Schulman, the chief executive of PayPal.
The parent company of Snapchat warned on Tuesday that revenue could fall by as much as 10% for the three months to the end of March.
The operating environment will remain challenging, as we expect the headwinds we have faced over the past year to persist throughout Q1, the company told investors.
Amazon plans to cut more than 18,000 jobs at the beginning of the year because of the uncertain economy and rapid hiring during the epidemic.
In the month of May, Alphabet said it would lose 12,000 jobs, while Microsoft said up to 10,000 employees would lose their jobs.
The company expects revenue to drop by as much 10% in the current quarter.
The firm warned that it expects an industry-wide downturn in the coming months before recovering later in the year due to falling computer chip prices.
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