Beijing time on August 5 morning, according tomedia reports, people familiar with the matter said That PayPal wants to streamline its business, the company will lay off dozens of sales staff at its Omaha office in Nebraska. The company has begun notifying employees, including business development representatives and managers, about the matter this week, according to unnamed sources. In a 2,000-person office, no more than 50 people are laid off.
“PayPal is constantly evaluating our structure, processes, and resource allocation to enable the team to work together to support the company’s critical business,” Justin Higgs, a spokesman for PayPal, said in a statement. He declined to comment on the scale and scope of the job cuts, saying only that they had nothing to do with the new crown pandemic.
Chief executive Dan Schulman told the media in March that PayPal was not planning to lay off staff because of the new crown crisis. The company abandoned its full-year guidance in May citing economic uncertainty, but last week it said its revenue would grow 20 percent in 2020 as consumers increasingly turned to e-commerce shopping.
One person familiar with the matter said the job cuts were aimed at streamlining sales as part of the company’s regular optimization team. The sales team helped the company generate $5.3 billion in revenue in the second quarter, with more than 1.7 million merchants using Paypal as their online checkout.
Sales and marketing-related expenses increased by 16% in the quarter. Still, PayPal’s operating margin rose 5 percent to 28 percent in the second quarter, the biggest increase in the company’s history. (Berg)