Sam Boughedda

Investing.com — PayPal Holdings Inc (NASDAQ:) has begun laying off staff in risk management operations in a bid to reduce costs, Bloomberg reported on Thursday.

According to the report, PayPal made this move in order to increase its profits following a slowdown in growth.

Bloomberg reported that PayPal had laid off dozens of employees who were based in Chicago, Nebraska and Omaha.

The company had earlier announced that over 800 people would be laid off at San Jose headquarters. In Ireland, it also plans to lay off 300 workers.

PayPal last month stated that supply chain disruptions are affecting eCommerce sales. The mix of spending in shops and virtual made it impossible to forecast the company’s future. This led to the company reducing its guidance.

PayPal shares are down by 57.5% and 69% respectively in 2022, while trading is well below the pandemic peak of more than $300 per share. The shares are currently up 0.3% on Thursday