PayPal gave pink slips to 83 employees last month, a filing with California‘s Employment Development Department shows. 

The company, which also owns the mobile payment app giant Venmo, didn’t comment on whether some of the layoffs are at the San Francisco office at 425 Market Street that’s closing at the end of the month. The filing said that the layoffs are based at the San Jose headquarters.

The SF 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.

“At PayPal, we are continually looking at and evolving how we can work in the most collaborative and efficient ways possible, and we routinely evaluate our global office footprint and spaces to ensure that our company and our employees are best set up for success,” PayPal said in a statement issued to SFGATE when the San Francisco office closure was announced. “The pandemic, in particular, has taught us there are many ways in which we can work effectively while providing our employees with flexibility.”

The digital payment firm 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.


PayPal did not immediately respond to a request for comment. 

 

 



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