PayPal’s Job Cuts Cost the Company $71 Million in Second Quarter
- Reductions expected to save PayPal $260 million this year
- Payments giant is aiming ‘to enhance operating efficiency’
This article is for subscribers only.
PayPal Holdings Inc. said restructuring costs tied to trimming its global workforce totaled $71 million in the second quarter.
The job cuts will ultimately save the payments giant about $260 million this year, including approximately $100 million in stock-based compensation, according to a regulatory filing Wednesday. PayPal is looking to the staff cutbacks as a way to reduce expenses and satisfy investors, who have punished the firm’s shares in recent quarters.