Home News PayPal Lays off 83 San Francisco Bay Area Employees

PayPal Lays off 83 San Francisco Bay Area Employees

PayPal Lays off 83 San Francisco Bay Area Employees
PayPal Lays off 83 San Francisco Bay Area Employees

PayPal gave pink slips to 83 employees at its San Jose headquarters last month, a filing with California’s Employment Development Department shows.

The company, which also owns the mobile payment app giant Venmo, couldn’t comment on details of the layoffs, including which departments the employees worked in and what sort of severance they are receiving.

“PayPal is constantly evaluating how we work to ensure we are prepared to meet the needs of our customers and operate with the best structure and processes to support our strategic business priorities as we continue to grow and evolve,” the company said in a statement. “PayPal remains fully committed to the Bay Area and to California and we will continue to invest in our business and people working within the state.

The digital payment firm is shuttering its San Francisco office at 425 Market Street at the end of the month; the closure is unrelated to the layoffs. The San Francisco office houses staff who work for the company’s Xoom service, which allows customers to send money to family and friends around the world and pay international bills.

PayPal employs some 30,000 people around the world, said the Information, which first reported on the layoffs.

PayPal’s stock plunged as the pandemic eased and more people started shopping in stores instead of online, where many people use PayPal to pay for goods. Its stock is down 58% year-over-year, CNN reported. But its most recent earnings report for the first quarter of the year offered promise with revenue up 8% to $6.5 billion for January through March.

ABC7 reported that PayPal previously had two offices in San Francisco and closed the other earlier in the pandemic.

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