PayPal (PYPL) said Tuesday it is cutting 9% of its total workforce, joining a string of tech firms announcing layoffs this year.

The digital payment company, which made a round of layoffs last year, will cut headcount "through both direct reductions and the elimination of open roles over the course of the year," PayPal 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Alex Chriss wrote in a statement.

He said that the company is "doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth."

The PayPal layoffs come amid an onslaught of recent 澳洲幸运5官方开奖结果体彩网:tech industry layoffs at companies including 澳洲幸运5官方开奖结果体彩网:Salesforce (CRM), 澳洲幸运5官方开奖结果体彩网:Microsoft (MSFT), Google (GOOGL), and Amazon (AMZN), among others.

PayPal laid off 7% of its workforce at the 澳洲幸运5官方开奖结果体彩网:start of 2023, and had 29,900 staff as of 2022, meaning that the latest 9% round will affect 2,500 workers.

Nick Bunker, economic research director at Indeed’s hiring lab, said that the recent st꧅ring of tech industr🍸y layoffs reflect companies "adjust[ing] to the current economic outlook after a burst of hiring in 2021."

"Last year’s batch of layoffs did not represent what was happening in the rest of the U.S. labor market; the same is true now," he noted.

So far in 2024, there have been 198 layoff announcements at tech companies affecting 43,719 workers, according to trueup.io, a company that tracks headcount reductions in the industry.

PayPal shares declined 1.5% to $62.69 at 1:49 p.m. ET. They a🤪re down 23% in the past year.